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Question - On 1 January 2020, the company purchased an 8% bond, with a maturity of RM500,000 on 31 December 2022. Interest on bonds will be paid twice a year on 30 June and 31 December every year. The market rate of the bond is 10%. This investment was made for the purpose of collecting cash from interest income and principal payments upon maturity.
Required -
(i) Prepare a journal entry of bond acquisition.
(ii) Prepare bond amortization schedule until 31 December 2021.
(iii) Show journal entries to record receipt of interest and amortization of bonds in 2020.
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