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Question - SRRA Bhd's financial year ends on 30 June. On 1 July 2015, SRRA Bhd issued RM10,000,000 convertible bond at its nominal value of RM1,000 each. The bond has a fixed interest rate of 6% per annum and will mature at the end of June 2019. Costs of issuing the bond, which included underwriting fees, totaled RM200,000. Each unit of the bond is convertible into 200 ordinary shares per RM1 at any time up to maturity. Any bond not converted by the maturity date will be redeemed for cash at its nominal value. At the date of issue of the bond, the prevailing interest rate of similar class of bond without the conversion option was 7%.
Note: The effective rate after the inclusion of transaction cost is 7.5913%.
Required -
a. If assuming there was no conversion exercised over the term of issue, show the journal entries to record redemption and close bond account.
b. If assuming that the bonds were all converted into ordinary shares on maturity and at the conversion price of RM2 per share, show the journal entries to record redemption and close bond account.
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