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G.S.Rai company purchased assets of the book value of $99,000 from another firm. It was agreed that purchase consideration be paid by issuing 11% debentures

G.S.Rai company purchased assets of the book value of $99,000 from another firm. It was agreed that purchase consideration be paid by issuing 11% debentures of $100 each. Assume debentures have been issued.

1. At par 2. At discount of 10%,

3. At a premium of 10%.

Record necessary journal entries, draw income statement and balance sheet for the effects.

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