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Hi, Can you help me answer the following question? Thank you in advance On January 1, 2003, Ginseng Corp. issues $1,000,000 of 8% bonds which
Hi, Can you help me answer the following question?
Thank you in advance
On January 1, 2003, Ginseng Corp. issues $1,000,000 of 8% bonds which may be converted into total of 10,000 shares of $2 par value ordinary shares. The market rate of interest is 10%. Interest is payable annually on December 31, and the bonds were issued at par. The maturity date is December 31, 2007.
(1)If none of the bonds were converted, prepare the journal entry on the date of the maturity date, December 31, 2007, based on IFRS, respectively.
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