Please notice it asks according to IFRS

1. Record the issuance of the bonds.

2.Record the payment of interest.

3. Record the amortization of debt issue costs.

4. Record the payment of interest.

Cupola Fan Corporation issued 12%, $500,000, 10-year bonds for $475,000 on June 30, 2016, Debt issue costs were $2,500. Interest is paid semiannually on December 31 and June 30. One year from the issue date (July 1, 2017), the corporation exercised its call privilege and retired the bonds for $485,000. The corporation uses the straight-line method both to determine interest expense and to amortize debt issue costs Required Prepare the journal entry to record the issuance of the bonds, the payment of interest and amortization of debt issue costs on December 31, 2016 and June 30, 2017 according to IFRS. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete. Date General Journal Debit Credit June 30, 2016 Cash 475,000 Bonds payable 475,000 December 31, 2016 31,250 2 Bonds payable Cash 1,250 30,000 June 30, 2017 Interest expense 125 Bonds payable 125 4 June 30, 2017Interest expense 31,250 Bonds payable Cash 1,250 30,000