On 1 June, Zest Charters Ltd received authorisation from its board of directors to issue $2500000 of

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On 1 June, Zest Charters Ltd received authorisation from its board of directors to issue $2 500 000 of 6% 10‐year debentures dated 1 July. Interest is payable half‐yearly on 31 December and 30 June each year.

Required

(a) Record the issue of the debentures in general journal entry form, assuming allotment of all debentures on 1 July.

(b) Record interest payments for 31 December and 30 June in the first financial year of issue.

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Accounting

ISBN: 9780730382737

11th Edition

Authors: John Hoggett, John Medlin, Keryn Chalmers, Claire Beattie

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Question Posted: Apr 25, 2024 06:02 AM

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On 1 June, Zest Charters Ltd received authorisation from its board of directors to issue $2500000 of

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Accounting

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