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On 1 July 2020 Boseman Ltd issued 50,000 convertible notes. The notes had a five-year term and were issued at a face value of $100 per note. Interest is payable annually on 30 June each year at 5% per annum in arrears. Each note is convertible at the option of the holder into 10 ordinary shares on or before maturity. On 1 July 2020, the market interest rate for similar notes, without a conversion option, was 10% per annum.
REQUIRED:
Question 1: Provide any general journal entry(ies) necessary to record the issue of the convertible notes on 1 July 2020 by Boseman Ltd. Show ALL calculations and explanations necessary to support your answer.
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