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Give all entries in the books of Narito Company

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Reference no: EM132946313

Question - On January 1, Year 1, Narito Company purchased P100,000 face value 5-year bond of Wolf Corporation for P108,660, a price that yields 5% on a stated interest rate of 7%. Interest is payable annually at December 31. The bond investment is measured at amortized cost. On December 31, Year 3, after paying the periodic interest, Narito negotiated for a modification of interest from 7% to 4.5% for the remaining term of the bonds, due to continuous decline in the market rate of interest. Give all entries in the books of Narito Company for years 1 through 4 as a result of the foregoing?

Reference no: EM132946313

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