Engels On January 1, 2020, Black Willow Inc, issued €881 000 of 10-year, 8% bonds payable for €935 296, yielding an effective interest rate of 7%. Interest is payable semiannually on June 30 and December 31. Requirement: What are the corect summarizing journal entries to record: the bond issuance, semiannual interest payment and premium (discount) amortisation on December 31, 2020? For the purpose of the question please assume that bond premium (discount) amortisation on June 30 is €2 505. 1/januari Account Naam Debit Credit Liquide middelen (Cash) €935 296 Obligatie discount (Bond €54 296 discount) Te betalen obligaties (Bonds payable) €881 000 31/december Account Naam Debit Credit Rentekosten (Interest expense) €65 295 Obligatie discount (Bond discount) €5 185 €70 480 Liquide middelen (Cash) 1/januari Debit Credit Account Naam €935 296 Liquide middelen (Cash) C54 296 Obligatie discount (Bond discount) C881 000 Te betalen obligaties (Bonds payable) 31/december Debit Credit Account Naam C32 648 Rentekosten (Interest expense) Obligatie discount (Bond discount) C2 592 C35 240 Liquide middelen (Cosh) 1/januari Account Naam Debit Credit Liquide middelen (Cash) €935 296 Obligatie discount (Bond discount) €54 296 Te betalen obligaties (Bonds payable) €881 000 31/december Account Naam Debit Credit Rentekosten (Interest expense) €32 648 Obligatie discount (Bond discount) €2 592 Liquide middelen (Cash) €35 240 Vjanuari Account Naam Debit Credit Liquide middelen (Cash) €935 296 Obligatie premium (Bond €54 296 premium) Te betalen obligaties (Bonds payable) €881 000 31/december Account Naam Debit Credit Rentekosten (lInterest expense) €32 648 Obligatie premium (Bond €2 592 premium) Liquide middelen (Cash) €35 240 1/januari Account Naam Debit Credit Liquide middelen (Cash) €935 296 Obligatie premium (Bond €54 296 premium) Te betalen obligaties (Bonds poyable) €881 000 31/december Account Naam Debit Credit Rentekosten (Interest expense) €65 295 Obligatie premium (Bond premium) €5 185

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Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.