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Provide the journal enteries for july

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Reference no: EM132522689

On 1 july 2018 bombo ltd issues $2 million in six year debenture that pay each six month at a coupon rate of 8%. at the time security the market requires a rate of return of 6 per cent. interest expense is determined using the effective interest method.

Required

Question 1) Determine the issue price of debenture.

Question 2) Provide the journal enteries for 1 july 2018, 30 june 2019 & 30 june 2020

Reference no: EM132522689

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