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On September 30, 2020, Engro Corporation issued Rs.5,000,000 face value of 9%,5 years bonds to yield 8%. The bonds pay interest annually on Oct 1.
On September 30, 2020, Engro Corporation issued Rs.5,000,000 face value of 9%,5 years bonds to yield 8%. The bonds pay interest annually on Oct 1. Instructions 1. At what amount Engro will get to record the liability on September 30, 2020? a. Engro's year end is December 31, what will be the interest expense recorded on income statement and the amortization added/subtracted from the bond liability on December 31,2020 b. What will be the bond liability on Oct 1,2021 and interest expense recorded for the year? c. Record Journal entries and adjusting entries for the dates given above
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