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How do prepare journal entries for five years

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Reference no: EM132740651

INVESTMENT IN BONDS

Galaxy International purchased in premium of 5% of par value $ 1,000,000 bonds carrying 15% interest per annum paid May 1 and November 1 every year for 5 years, thereafter bonds would be matured and returned against par value. The financial year end of the company is 31st December every year.

Required:

Problem 1: Prepare journal entries for 5 years.

Reference no: EM132740651

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