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Question - On 1 January 2020 Specialist Mobile Phones Ltd issued 20,000 5-year $100 debentures with an interest rate of 6% paid annually on the 31st December. On the same day the total proceeds of the debentures were used to purchase land on which the company was to build its new headquarters. The company has a 30 June year end. Narrations are not required for the journal entries.
Required -
a) Prepare the journal entries to record the transactions that occurred in January 2020.
b) Prepare the adjusting journal entry required at 30 June 2020.
c) Prepare the journal entry to record the interest payment due on 31 December 2020.
d) Discuss one reason why a business would choose to issue debentures rather than issuing shares to purchase the land.
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