Current Attempt in Progress

JSM Ltd$.$ sold $$6,010,000$ of $8\%$ bonds, which were dated March $1,2023,$ on June $1,2023.$ The bonds paid interest on September $1$ and

March $1$ of each year. The bonds' maturity date was March $1,2033,$ and the bonds were issued to yield $10\%.$ JSM$\text{'}$s fiscal year$-$end was

February $28,$ and the company followed IFRS.

On June $1,2024,$ JSM bought back $$2,010,000$ worth of bonds for $$1,910,000$ plus accrued interest.

$($a$)$

Your answer is partially correct.

Using $1.$ a financial calculator, or $2.$ Excel function PV$,$ calculate the issue price of the bonds and prepare the entry for the issuance

of the bonds. Hint: Use the account Interest Expense in your entry$).($Round answer to $0$ decimal places, e$.$g$.5,275.$ Credit account

titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the

account titles and enter $O$ for the amounts. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit

Interest Expense

Bonds Payable

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List of Accounts