uly 1, Year 1, at 102. Interest is payable in cash semiannually on June 30 and December 31. The straight-line method is used for amortization. equired Prepare the journal entries to record issuing the bonds and any necessary journal entries for Year 1 and Year 2. Post the journal ntries to T-accounts. Prepare any necessary closing entries for Year 1. Complete this question by entering your answers in the tabs below. Req Al Reg A2 Prepare the journal entries to record issuing the bonds and any necessary journal entries for Year 1 and Year 2. Prepare any necessary closing entries for Year 1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.