Reference no: EM132553818
Riverbed Ltd. sold $6,700,000 of 10% 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 12%. Riverbed's fiscal year-end was February 28, and the company followed IFRS. On June 1, 2021, Riverbed bought back $2,700,000 worth of bonds for $2,600,000 plus accrued interest.
Using 1. a financial calculator, or 2. Excel function PV, calculate the issue price of the bonds and prepare the entry for the issuance of the bonds. (Hint: Use the account Interest Payable in your entry)
Question 1: Prepare the journal entry for the scheduled interest payment on September 1, 2020
Question 2: Prepare year-end entry required at February 28, 2021.
Question 3: Prepare the entry required for the redemption of face value $2,700,000 of the bonds on June 1, 2021.
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