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On July 1, 2015. Smith Inc. sold bonds with a 6% rate having a maturity value of$500,000. The bonds were sold to yield 8% interest. The bonds are dated July 2015 and mature on July 1, 2019, with interest payable on July 1 and January 1 of each year. (The first interest payment date is January 1, 2016.) Smith follows IFRS and has a December 31 year end. Smith reports annually only. Required (show all calculations): (a) Prepare the journal entry at the date of issue of the bonds. (b) Prepare an amortization schedule of interest expense and bond amortization for the bond through to its maturity date of July 1, 2019. (c) Prepare all other required journal entries relating to the bond for 2015 and 2016. Label each journal entry with the appropriate date. (d) On February 1, 2017, 50% of the bonds were repurchased for $248,000 plus accrued interest. Prepare the journal entry to record the repurchase and retirement of these bonds.
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