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Made the journal entries assuming the market value of bond

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Reference no: EM132581810

On January 1, 2019, Dual Purpose Inc. purchased $2,000,000 par value, 6% bond with a maturity date of December 31, 2021. The bond pays annually on December 31. The bond was purchased to yield 7%. Dual follows IFRS and it's year is December 31.

Required

Question 1: Made the journal entries for 2019, 2020, and 2021 assuming the market value of the bond is 1,950,000 and 2,010,000 repsectively for 2019 and 2020 for the following three classifications:

a) Amortized Cost

b) FVPL

c) FVOCI

Reference no: EM132581810

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