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Question - Gums Ltd acquired 10 000 8% bonds (with a par value of N$100 each) at 102% (at a 2% premium) on 1 January. These 5 year bonds will be redeemed at 110% (at a 10% premium). Interest on the bonds is payable annually on 31 December. Assume no transaction costs.
Gums intend to hold the bond to collect the contractual cash flows as opposed to being held for short term profit making.
The bonds traded on the stock exchange at 103,5% on 30 December 2020.
Required - Prepare the journal entries required to record the investment in the bonds in the general ledger of Gums Ltd for the year ended 30 December 2020. Ignore taxation. Narrations are not required.
Given the following adjusted account balances in random order, prepare the closing entries for Sheer Fabrics on December 31, 2020.
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"Thirty-five years ago, young employees we hired wereambitious, conscientious, hardworking, and honest. What is the journal entry for: Sold merchandise for $10,000 and accepted a 10% 7-month note?
Below is the message you received from a customer; your assignment is to write a professional business letter that will serve as the cover letter
nbspnbspnbspnbspnbspnbsp nbspnbsprodriguez corporation nbspnbspissues 6000 shares of its common stock for 81800 cash
mr.jones borrows 25 000 from bank b for 10 years. he makes semiannual payments of 2 000. the bank receives interest on
Resource: pp. 192-193 (Ch. 6) of Understanding Financial Statements Read the scenario in Problem 6.9 on p. 234 (Ch. 6).
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