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Calculate how much cash Glenfiddich Ltd received

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Reference no: EM132766858

Question - On 1 April 2020, Glenfiddich Ltd issued 6%, 10-year, $2,500,000 bonds that pay interest semi-annually on 1 October and 1 April. The effective rate of interest on 1 April was 8%.

Required -

a) Calculate how much cash Glenfiddich Ltd received when the bonds were issued. Ignore brokers' fees.

b) Prepare Glenfiddich Ltd's 1 April 2020 journal entry for the bond issuance.

Reference no: EM132766858

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