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Prepare the aje required on july

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Reference no: EM132902456

Scott Ltd issued $400,000, 7%, 20-year bonds on 1 January 2017, when the market interest rate was 8%. The bonds will pay interest annually on 1 January. Scott Ltd uses the effective interest rate method to amortise a bond premium or discount.

Problem a) Assume the bonds were issued at $360,728. Prepare the AJE required on 31 July 2017, the end of the financial year. Assume an annual accounting period ending on that date. Round to two decimal places.

Problem b) Need the first interest payment JE on 1 January 2018.

Reference no: EM132902456

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