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Prepare journal entries to account for the bond

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Reference no: EM133088043

Question - On 1 January 2020 N Ltd acquired a financial asset comprising 12% bonds with a maturity value of £450,000. The bonds were purchased for £469,116.66 and incurred transaction costs of £15,000. The bonds provide N Ltd with a 10% yield. They are dated 1 January 2020 and mature on 31 December 2024, with interest receivable on 31December each year. You may assume that the bonds are classified as held-to-maturity. Prepare journal entries to account for the bond from 1 January 2020 until 31 December 2024. N Ltd has a financial reporting date of 31 December.

Reference no: EM133088043

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