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Prepare journal entries to record the issue of debentures

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Reference no: EM132901123

Merle Ltd issued a prospectus on 1 June 2021 inviting applications for 5,000 debentures of face amount $1,000, payable in full on application. Terms were 10% p.a. interest, payable annually, with a maturity date of 30 June 2024. Exactly the right amount of applications was received by 30 June 2021.

Required:

Problem 1: Prepare journal entries to record the issue of debentures.

Reference no: EM132901123

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