On January 2, Bekinder Ltd. purchased $100,000 of 10-year, 4% bonds from Colum Ltd. for $88,580 cash. The effective interest yield for this transaction is 5.5%. The bonds pay interest on January 1 and July 1. Terrace follows IFRS and their year-end is September 30. Required: Record the first two interest payments and any adjusting entries, rounding amounts to the nearest whole dollar.

On January 2, Bekinder Ltd. purchased $100,000 of 10-year, 4% bonds from Colum Ltd. for $88,580 cash. The effective interest yield for this transaction is 5.5%. The bonds pay interest on January 1 and July 1. Terrace follows IFRS and their year-end is September 30.

Required: Record the first two interest payments and any adjusting entries, rounding amounts to the nearest whole dollar.

Accounting

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