On June 30, 2022, Andalusian Inc. issued $1,000,000 in bonds. The bonds pay interest twice a...

 

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On June 30, 2022, Andalusian Inc. issued $1,000,000 in bonds. The bonds pay interest twice a year on December 31 and June 30, mature in 10 years, and have a coupon rate of 5%. They were sold to yield 4.8%. Andalusian Inc. follows IFRS. On September 30, 2023, Andalusian Inc. repurchased 40% of the bonds. At that time, the bonds were selling at 101. Required Prepare all journal entries related to the bonds up to and including the retirement of 40% of the bonds on September 30, 2023. Show calculations for possible partial marks. Round all values to the nearest dollar. On June 30, 2022, Andalusian Inc. issued $1,000,000 in bonds. The bonds pay interest twice a year on December 31 and June 30, mature in 10 years, and have a coupon rate of 5%. They were sold to yield 4.8%. Andalusian Inc. follows IFRS. On September 30, 2023, Andalusian Inc. repurchased 40% of the bonds. At that time, the bonds were selling at 101. Required Prepare all journal entries related to the bonds up to and including the retirement of 40% of the bonds on September 30, 2023. Show calculations for possible partial marks. Round all values to the nearest dollar.

Answer rating: 100% (QA)

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