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3. This Question Contains two parts. Students have to solve both the parts. (A). Gulf Stone company issued OMR 400000 of 12 % bonds of 100 OMR each on January 1 2011. The bonds are due January 1 ,2016 with the interest payable each July 1 and January 1. The bonds are issued at face value. Prepare Gulf Stone journal entry for (A) January issuance (B) July 1 Interest Payment Assume the bonds are issued at OMR 111 to yield 9 %. Prepare the journal entries (C) January 1 for issue (D) July 1 for interest payment (E) December 31 for interest amount due. (B). Presented below is some financial information related to Oman Oil corporation. Amount (OMR) Revenues 900000 Income from continues operation 200000 Comprehensive income 220000 Net Income 190000 Income from operation 320000 Selling and administration Expenses 500000 Income before income tax 300000 Find out (A) Other income and expenses (B) Finance Cost (C)Income Tax (D)Discontinued operation (E) Other Comprehensive Income 3. This Question Contains two parts. Students have to solve both the parts. (A). Gulf Stone company issued OMR 400000 of 12 % bonds of 100 OMR each on January 1 2011. The bonds are due January 1 ,2016 with the interest payable each July 1 and January 1. The bonds are issued at face value . Prepare Gulf Stone journal entry for (A) January issuance (B) July 1 Interest Payment. Assume the bonds are issued at OMR 111 to yield 9 %. Prepare the journal entries (C) January 1 for issue (D) July 1 for interest payment (E) December 31 for interest amount due

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