Seaview Industries received authorization on December 31, Year 1, to issue $7,000,000 face value of 6%, 10-year bonds. The interest payment dates are June 30 and December 31. All the bonds were issued at par, plus accrued interest, April 1, Year 2. The bonds are callable by Seaview Industries at any time at 102.
-Seaview exercises the call provision and retires one-half of the bond issue on July 1, Year 4. Prepare the journal entry to record this transaction on July 1, Year 4.

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The Answer of Seaview Industries received authorization on December 31, Year 1, to issue $7,000,000 face value of 6%, 10-year bonds. The interest payment dates are June 30 and December 31. All the bonds were issued at par, plus accrued interest, April 1, Year 2. The bonds are callable by Seaview Industries at any time at 102.
-Seaview exercises the call provision and retires one-half of the bond issue on July 1, Year 4. Prepare the journal entry to record this transaction on July 1, Year 4.

Seaview Industries Received Authorization on December 31, Year 1, to Issue