Motion Ltd issued $5 million in redeemable preference shares in a private placement on 1 July 2012.
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Question:
Motion Ltd issued $5 million in redeemable preference shares in a private placement on 1 July 2012. The shares are redeemable on 30 June 2016, have no voting rights and offer a fixed rate of return to the holder. The shares are redeemed as expected with a fresh issue of shares. What are the accounting entries and note disclosures to record the transactions on 1 July 2012and 30 June 2016?
Related Book For
Fundamental Accounting
ISBN: 9781485112112
7th Edition
Authors: David Flynn, Carolina Koornhof, Ronald Arendse, Anna C. E. Coetzee, Edwardo Muriro, Louise Christel Posthumus, Louise Mancy Smit
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