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Find the amount of interest expense pertaining to the bond

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Question - VBA Ltd., which reports under IFRS and has a year-end of December 31, issued a bond with a maturity amount or par value of $240,000 at a price of 107 on January 1, 20X1. When issued, the bond had a stated interest rate of 5%, while the market interest rate at that time was 4%. The bonds pay interest annually on January 1, commencing on January 1, 20X2.

Required -

1. Find the amount of interest expense pertaining to the bond that the company will report on its income statement for the year ending December 31, 20X1.

2. Find the amount of interest payable pertaining to the bond that the company will report on its statement of financial position for the year ending December 31, 20X1.

Reference no: EM132868245

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