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Vevo Company is building a new hockey arena at a cost of RM2,500,000. It received a down payment of RM500,000 from local businesses to support the project, and now needs to borrow RM2,000,000 to complete the project. They therefore decides to issue RM2,000,000 at 104 of 8.5%, 10-year bonds. These bonds were issued on 1 January 2011 and pay interest annually on every January 1. The bonds yield 10%.
Required:
Question i. Prepare the journal entry to record the issuance of the bonds on 1 January 2011.
Question ii. Prepare a bond amortization schedule up to and including 1 January 2013, using the effective interest method.
Question iii. Assume that on 1 July 2012, Vevo Company retires half of the bonds at a cost of RM1,065,000 plus accrued interest. Prepare the journal entry to record this retirement.
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