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Problem 1: 5000 $100 debentures were redeemed in cash upon maturity at their nominal value. The accounting entry to record the redemption is:
Select one:
a. DR Debentures redemption reserve $500 000; CR Debentures $500 000
b. DR Bank $500 000; CR Debentures $500 000
c. DR Debentures $500 000; CR Bank $500 000
d. DR Debentures $500 000; CR Debentures redemption reserve $500 000
Problem 2: The basic entry to provide for company income tax at the end of the financial year is :
a. DR Retained earnings; CR Non-Current tax liability
b. DR Income tax expense; CR Cash at Bank
c. DR Income tax expense; CR Current tax liability
d. DR Current tax liability; CR Income tax expense
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