Reference no: EM132776687
On April 1, 2020, Purefoods Company purchased a P1,000,000 face value 8% bond for P910,000 including accrued interest and commission. The commission to acquire the bonds was P5,000. The bonds are dated January 1, 2020 and mature on January 1, 2025, and pay interest semi-annually on January 1 and July 1. On December 31, 2020, the bonds had a fair value of P920,000. On April 1, 2021, Purefoods sold the bonds for a total consideration of P950,000.
Problem 1: Give the entries of the following:
A. Record purchase on April 1, 2020
B. Record the change in fair value on December 31, 2020
C. Record the disposal/sale on April 1, 2021
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