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Prepare the journal entry to record first interest payment

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Problem - Prepare journal entries for debentures issued at face value.

Eccencia Ltd issued 2000 8%, 5-year, $1000 debentures dated 1 January 2020 at 100.

(a) Prepare the journal entry to record the issue of these debentures on 1 January 2020.

(b) Prepare the journal entry to record the first interest payment on 1 July 2020 (interest payable half-yearly), assuming no previous accrual of interest.

(c) Prepare the adjusting journal entry on 31 December 2020, to record interest expense.

Reference no: EM132699707

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