The following section is taken from UGGS Ltd's statement of financial position at 31 December 2019 Interest is payable h

[answerhappygod]

The Following Section Is Taken From Uggs Ltd S Statement Of Financial Position At 31 December 2019 Interest Is Payable H 1 (34.25 KiB) Viewed 45 times

The following section is taken from UGGS Ltd's statement of financial position at 31 December 2019 Interest is payable half-yearly on 1 January and 1 July. Assume no interest is accrued on 30 June Current liabilities Interest payable on unsecured notes (for 6 months from 1 July to 31 December) $560,000 Non-current liabilities Unsecured notes payable, 10% due 1 January $8,000,000 2023 Required: Prepare journal entries to record interest payments, and redemption of unsecured notes a. Journalise the payment of interest on 1 January 2020 for current liabilities. b. Prepare the entry to pay the interest due on 1 July 2020 for the non-current liabilities. C. Assume on 1 July 2022, after paying interest, that UGGS Ltd redeems half of the unsecured notes at 103% d. Record the redemption of the notes