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Masai Corp. invested in Toronto Raptors $100,000 five-year bonds with a 7% interest rate and a 5% yield, which was purchased on March 31, 2019 for $108,660. Masai Corp.'s year end is March 31 each year, the bond interest payments are semi-annual on July 1 and January 1 each year (twice a year).
Assume that Masai Corp follows IFRS and reports interest income separately from other investment income and use the FV-NI model. The following is the fair value of the bonds at year end: Fair Value March 31, 2020 $106,500 March 31, 2021 $107,500 March 31, 2022 $105,650 March 31, 2023 $103,000 March 31, 2024 100,000 Required: Problem 1: Give necessary journal entries for the term of the bond, assuming that Masai Corp. hold the bond till maturity.
Financial Statement Analysis and Preparation
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