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Provide the accounting entries at June

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Question - BDX Company issues $ 15 million of five-year, 6.5 per cent, semi-annual coupon debentures to public which pay interest each six months. The market also requires a rate of return of 6.5 per cent. Assume that the moneys come in and the debentures are allocated on the same day, 30th June, 2019.

Required - Provide the accounting entries at 30th June, 2019, 31st December, 2019 and 30th June, 2024 to record:

(a) The receipt of funds.

(b) The first payment of interest

(c) The redemption of the debentures

(d) Explain how you would determine the discount or premium on a debenture issue?

Reference no: EM132814628

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