Zeta Corp issues loan notes of $75,000 on 1 January 2010. Redemption is to take place...
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Accounting
Zeta Corp issues loan notes of $75,000 on 1 January 2010. Redemption is to take place on equal terms, five years later. The company decides to put aside an equal amount to be invested at 4.5% which will provide $75,000 on maturity. Tables show that $0.191735 invested annually will produce $1 in five years’ time.
Required: Create:
- The loan-note redemption reserve ledger.
- The sinking fund investment ledger.
- The loan-notes payable ledger.
- Notes to the financial statements explaining the sinking fund and redemption process.
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