On April 1, 2021, ABC Company issued a 5-year, 10%, OMR 100,893 face value bond at...
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On April 1, 2021, ABC Company issued a 5-year, 10%, OMR 100,893 face value bond at 102 (2% above par). Interest is payable cach year on December 31 and July 1. The company year-end is December 31 and it follows IFRS. The bonds will be outstanding for 5 years and 9 months or 57 months. a. Pass the necessary journal entries for the year 2021(2 Marks) b. Calculate the carrying value of Bonds payable as on 31/12/2021(1 mark) On April 1, 2021, ABC Company issued a 5-year, 10%, OMR 100,893 face value bond at 102 (2% above par). Interest is payable cach year on December 31 and July 1. The company year-end is December 31 and it follows IFRS. The bonds will be outstanding for 5 years and 9 months or 57 months. a. Pass the necessary journal entries for the year 2021(2 Marks) b. Calculate the carrying value of Bonds payable as on 31/12/2021(1 mark)
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Answer rating: 100% (QA)
Bond Payable Solution Working Note Prepare the bond amortization schedule for 1... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe , Mark Nelson, Wayne Thomas
Posted Date:
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