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Journal Entry Assignment | Custom Assignment Help

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Question:ABC sold $350,000 of 5% (annual interest payments) convertible 5 year bonds at par. The market interest rate on the sale date was 7%. Each $1,000 bond was convertible into 20 shares of KER Ltd. no-par value common shares on any interest date after the end of the first year from the date of issuance. Required: Using IFRS, prepare the journal entry at issuance using the …

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