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Prepare the journal entry at the date of issue

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Reference no: EM133119037

Question - On January 1, 2020, Kingbird Inc. sold 11% bonds having a maturity value of $720,000 for $776.010, which provides the bondholders with a 9% yield. The bonds are dated January 1, 2020, and mature on January 1, 2025, with interest payable on January 1 of each year. The company follows IFRS and uses the effective interest method.

Required -

(a) Prepare the journal entry at the date of issue.

(b) Prepare a schedule of interest expense and bond amortization for 2020 through 2023.

Reference no: EM133119037

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