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On 1 January 2020, Maple Ltd. purchased $500,000 of Pine Ltd. 7% bonds. The bonds pay semi-annual interest each 30 June and 31 December. The market interest rate was 8% on the date of purchase. The bonds mature on 31 December 2025.
Required:
Question a) Calculate the price paid by Maple Ltd.
Question b) Assume that the bond is classified as a FVTPL investment, and the fair value at the end of 2020 was $505,000. Prepare the entries for each interest period in 2020, and adjust the bond to fair value at the end of each fiscal year.
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