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PWK Ltd. sold $7,560,000 of 12% bonds, which were dated March 1, 2023, on June 1, 2023. The bonds paid interest on September 1 and

PWK Ltd. sold $7,560,000 of 12% bonds, which were dated March 1, 2023, on June 1, 2023. The bonds paid interest on September 1 and March 1 of each year. The bonds' maturity date was March 1, 2033, and the bonds were issued to yield 14%. PWK's fiscal year-end was February 28, and the company followed IFRS. On June 1, 2024, PWK bought back $3,560,000 worth of bonds for $3,460,000 plus accrued interest. a.Using 1. a financial calculator, or 2. Excel function PV, calculate the issue price of the bonds and prepare the entry for the issuance of the bonds. Hint: Use the account Interest Expense in your entry). b. Carrying value of the bond on Sep. 01.2023 c. Journal entry for scheduled interest payment on Sep.01.2023 d. Year-end entry required at Feb.28.2024 e. Journal entry for the accrued interest on the portion of the bonds redeemed f. Journal entry for the redemption of face value $3,650,000 of the bonds on June.01.2024

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