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Record the redemption of the notes

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Reference no: EM133001650

The following section is taken from UGGS Ltd's statement of financial position at 31 December 2019. Interest is payable half-yearly on 1 January and 1 July. Assume no interest is accrued on 30 June.

Current liabilities

Interest payable on unsecured notes (for 6 months from 1 July to 31 December) $560,000

Non-current liabilities

Unsecured notes payable, 10% due 1 January 2023 $8,000,000

Required:

Problem 1: Prepare journal entries to record interest payments, and redemption of unsecured notes.

Problem 2: Journalise the payment of interest on 1 January 2020 for current liabilities.

Problem 3: Prepare the entry to pay the interest due on 1 July 2020 for the non-current liabilities.

Problem 4: Assume on 1 July 2022, after paying interest, that UGGS Ltd redeems half of the unsecured notes at 103%. Record the redemption of the notes.

Reference no: EM133001650

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