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Show all necessary journal entries to record the issuance

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Novak Ltd. sold Rs2,346,000, 9%, 10-year bonds on January 1, 2017. The bonds were dated January 1, 2017, and pay interest annually on January 1. Novak Company uses the straight-line method to amortize bond premium or discount. Assume the country allows the use of straight line amortization for bond premiums and discounts.

Problem (a) Show all necessary journal entries to record the issuance of the bonds and bond interest expense for 2017, assuming that the bonds sold at 103.

Problem (b) Show all necessary journal entries to record the issuance of the bonds and bond interest expense for 2017, assuming that the bonds sold at 98.

Problem (c) Show the Statement of financial position presentation for the bonds at December 31, 2017, for both the requirements in (a) and (b).

Reference no: EM132716067

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