Elastic Ltd intended to raise funds to launch their product in a new state. Elastic Ltd decided to issue 15,000 x $100 debentures on 1 November 2017. Required: Prepare general journal entries to record the above. Elastic Ltd had on issue 15,000 x $100 debentures at 30 June 2017. Using profits from their new expanded business, Elastic Ltd took the opportunity to purchase 8,000 of the debentures at a price of $102 each on 1 July 2017. Required: Prepare general journal entries including closing journals to record the above. Elastic Ltd decided to redeem the remaining 7,000 x $100 debentures on 1 March 2018 for $97.50 per $100. Required: Prepare general journal entries including closing journals to record the above.