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Preparation of the required journal entries related to bonds

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On January 1, 2021, Oriole Ltd. issued bonds with a maturity value of $6,900,000 when the market rate of interest was 4%. The bonds have a coupon (contractual) interest rate of 5% and mature on January 1, 2031. Interest on the bonds is payable semi-annually on July 1 and January 1 of each year. The company's year-end is December 31.

Question 1: Preparation of the required journal entries related to the bonds that Oriole Ltd. will record during 2021, including any adjusting journal entries on December 31, 2021.

Question 2: What amounts would be reported as current and non-current in the liabilities section of Oriole Ltd.'s December 31, 2021, balance sheet?

Reference no: EM132701262

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