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Make all journal entries associated with the bond for years

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Reference no: EM132830598

Question - GI Corp. issued $40 million Class C Ordinary shares on Jan 1, 2017 for cash. The shares pay a 5% cumulative annual dividend in preference to other shares. The shares are callable at par until Dec 31, 2018 after which the dividend rate resets to 20%. The board of directors did not declare a dividend on the shares during 2017.

Required - Make all journal entries associated with the bond for the years ended Dec 31, 2017 and 2018.

Reference no: EM132830598

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