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02-24-2010, 12:47 PM
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income statement for debenture
At 30th June 2008 Gower Ltd had £1 million 4% debentures, interest being paid half-yearly on 30th June and 31st December.
On 30th September 2008 the company redeemed £160,000 of these debentures at par, paying interest due to that date. On 1st April 2009 the company issued £500,000 7% debentures at par, interest payable half-yearly on 31st March and 30th September. What figure should appear in Gower Ltd's income statement for debenture interest in the year ended 30th June 2009? |
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