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Provide entries on issuance

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Problem - On 1 November 20X4, XBL Communications Ltd. issued a convertible bond that was convertible in 12 years' time into 500,000 common shares at the investor's option. The bond had a $7,000,000 par value, and 6% interest was paid semi-annually on 31 October and 30 April.

The bond sold for $7,900,000 when the market interest rate was 8%.

Required - Provide entries on issuance and on 31 December 20X4, the fiscal year-end.

Reference no: EM132864149

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