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Prepare the journal entries

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Reference no: EM132870286

Problem - X Ltd issued a 4% debenture for 241,135 on 1 January 2018. The debentures have a par value of $250,000 and mature on 31 December 2021. Interest is payable annually on 31 December. The effective yield of the debenture is 5%.

Required -

a) To prepare the journal entries for 2018 and extract of financial statement as at December 2018 of X Ltd.

b) To prepare the amortization table for the issuance of debenture.

c) To prepare the journal entries for 2021 of X Ltd.

Reference no: EM132870286

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