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Question - Test Co. has purchased a bond investment on January 1, 2020, semi-annually that pays 8% annual interest, paid at the end of each interest period. The bond has a face value of $10,000, six years until maturity, and was purchased to yield a 6% annual return (market rate).
Test uses IFRS and uses the amortized cost method. It has a December 31, 2020 year end.
Required -
a) Calculate the bond price paid (use any method but show the factors you used).
b) Show all of the journal entries for the bond for Test for 2020. Show any calculations.
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