Reference no: EM132772296
Teal Ltd. sold $6,840,000 of 8% bonds, which were dated March 1, 2020, on June 1, 2020. The bonds paid interest on September 1 and March 1 of each year. The bonds' maturity date was March 1, 2030, and the bonds were issued to yield 10%. Teal's fiscal year-end was February 28, and the company followed IFRS. On June 1, 2021, Teal bought back $2,840,000 worth of bonds for $2,740,000 plus accrued interest.
Problem 1) journal entry for the scheduled interest payment on September 1, 2020
Problem 2) year-end entry required at February 28, 2021
Problem 3) Prepare the entry required for the redemption of face value $2,840,000 of the bonds on June 1, 2021.
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