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On Jan1,2008 Biron Corp. issued $1.2 million of five year, zero interest -bearing notes along with warrants to buy 1 million common shares at $20 per share, On Jan1,2008 Biron had 9.6 million common shares outstanding and the market price was $19 per share. Biron Corp. received $1 million for the notes and warrants. If offered alone , on Jan1,2008, the notes would have been issued to yield 12% to the creditor.
Instructions:
(a) Prepare the journal entry(ies) to record the issuance of zero interest bearing notes and warrants for the cash consideration that was received.(b) Prepare an amortization table for the note using the effective interest method.(c) Prepare adjusting journal entries for Biron Corp at the end of its fiscal year of December 31,2008.
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