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Banff corporation issued $500,000 of 8% callable (payable each June 30 and December 31), 5 year bonds on July 1, 2019 for net cash proceeds of $562,600 (ie: after considering the bond issue costs of $3,000 paid on issuance).
REQUIRED:
Question a) Prepare the journal entries requires at (a) July 1, 2019; b) December 31, 2019 and c) January 1,2020.
Question b) How would your response change if Banff measured he debt using the fair value basis? Assume that the fair value on December 31, 2019/January 1, 2020 was $533,000. Provide journal entires for July 1, 2019, December 31, 2019 and January 1, 2020.
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