Reference no: EM133051311
Problem - On January 1, 2017 Robelyn Co. acquired a 5-year bonds with a total face value of P5,000,000 and stated interest of 12% per year payable annually on December 31. The bonds were acquired to yield 10%. The bonds are to be appropriately classified as financial asset at amortized cost.
On January 3, 2018, the ½ of the bonds were sold at 105.
On November 1, 2018, Robelyn Co. changed its business model. It was determined that the remaining financial asset at amortized cost should be reclassified to held for trading securities on reclassification date. On December 31, 2018, the bonds are quoted at 102.
On January 1, 2019, the bonds were quoted at 104.
Required - Based on the above data, answer the following:
1. How much is the interest income for 2017?
2. How much is the unrealized gain (loss) in 2017 to be recognized in the profit or loss?
3. How much is the realized gain (loss) on sale in 2018 to be recognized in the profit or loss?
4. How much is the interest income for 2018?
5. How much is the gain (loss) on reclassification to be recognized in the profit or loss on January 1, 2019?
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