(Answered) Question - on 1 july 2018 rankin ltd issues 1 million in

Accounting

Question - On 1 July 2018 Rankin Ltd issues $1 million in 10-year debentures that pay interest each six months at a coupon rate of 10 per cent. At the time of issuing the securities, the market requires a rate of return of 12 per cent. Interest expense is determined using the effective interest method.

Required

(a) Determine the issue price.

(b) Provide the journal entries at:

(i) 1 July 2018

(ii) 30 June 2019

(iii) 30 June 2020

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