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What are the journal entries for the following transaction? A company entered into a two-year loan of $20,000,000, with a 20% interest rate payable semi-annually
What are the journal entries for the following transaction?
A company entered into a two-year loan of $20,000,000, with a 20% interest rate payable semi-annually April 1 and October 1 with no principal due until maturity. The debt is convertible into shares of common stock at $1.50 per share. The company incurred $1,5000,000 in financing costs, paid to the issuer.
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