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Prepare the journal entry at issuance

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Question - KER Ltd. sold $350000 of 5% (annual interest payments) convertible 5 year bonds at 101. The market interest rate on the sale date was 7%. Each $1000 bond was convertible into 20 shares of KER Ltd. no-par value common shares on any interest date after the end of the first year from the day of issuance. Using IFRS, prepare the journal entry at issuance using the incremental method.

Reference no: EM132246623

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