Prepare the journal entries needed in an Enterprise Fund to record the following transactions. Include any adjusting entries required. 1. Issued refunding bonds at par, $8,000,000. The bonds bear interest at 8% payable annually and mature in 5 years. (Ignore bond issue costs.) 2. Paid the $8,000,000 into an irrevocable trust to defease in substance the previously outstanding bonds payable of the Enterprise Fund. These old bonds have a par value of $7,200,000 and an unamortized discount of $100,000. The old bonds are scheduled to mature in six years. 3. The annual interest payment on the new bonds was made at year end when due.
Prepare the journal entries needed in an Enterprise Fund to record the following transactions….
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