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please help *OMR is the currency* On March 1, 2019, SMN POWER HOLDING, issued 20 years, 10 %, OMR 800,000 face value bonds at OMR
please help *OMR is the currency*
On March 1, 2019, SMN POWER HOLDING, issued 20 years, 10 %, OMR 800,000 face value bonds at OMR 104. Interest is payable each year on March 1 and September 1. The company closes its books of accounts on December 31st every year and the company follows IFRS. Required: a) Pass the necessary journal entries in the books of accounts of SMN POWER HOLDING for 1 year. (6 Marks) b) Prepare Bonds payable and cash account Marks) c) show the carrying value of bond to be recorded in the balance sheet at the end of the year. (2 Marks)Step by Step Solution
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