Reference no: EM132986281
Question - On April 1, 2019, ACT 185 Company purchased P 2,000,000, 12% bonds of NU Company for P 1,750,374.82, a price that yields 15%. Interest on these bonds is payable every March 31. The bonds mature on March 31, 2026. At initial recognition, the investment is held in the business model of collecting contractual cash flows and selling the financial assets. On July 1, 2023, to pay a maturing obligation, ACT 185 sold all of the bonds at 106.5 plus accrued interest.
Quoted price of the bonds on different dates are as follows: December 31,2019 - 105; December 31,2020- 106; December 31,2021- 105.5; December 31,2022- 107; December 31,2023- 107.5; December 31,2024- 108 and December 31,2025- 107.
Required - How much is the interest income for year 2023?
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: On April 1, 2019, ACT 185 Company purchased P 2,000,000, 12% bonds of NU Company for P 1,750,374.82, How much is the interest income for year
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