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X Ltd issued a 4% debenture for 241,135 on 1 January 2018. The debentures have...

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Accounting

X Ltd issued a 4% debenture for 241,135 on 1 January 2018. The debentures have a par value of $250,000 and mature on 31 December 2021. Interest is payable annually on 31 December. The effective yield of the debenture is 5%

Required

  1. To prepare the journal entries for 2018 and extract of financial statement as at December 2018 of X Ltd.
  2. To prepare the amortization table for the issuance of debenture.
  3. To prepare the journal entries for 2021 of X Ltd

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