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Record the interest payment on december

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Reference no: EM133051772

Question - On the 22 June 2022, Great Rates Pty Ltd received authorisation from its Board of Directors to issue a further 8 000 000 Debentures @ $4.50 each on the 1 July 2022, which will pay 7% Interest per annum. Interest is payable half-yearly on 31 December and 30 June of each year for the next 5 years.

Required - Record the issue of the Debentures in the General Journal assuming the allotment of the Debentures occurred on 1 July 2022.

Record the Interest payment on 31 December 2022 and prepare the Journal entry to close off the Interest Expense for the financial year that ends on 30 June 2023.

Reference no: EM133051772

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