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Make bridgeport journal entry for december interest accrual

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On October 1, Bridgeport Ltd. purchased 8% bonds with a face value of $1,000 for trading purposes, accounting for the investment at FV-NI. The bonds were priced at 1.026 to yield Bridgeport 6%, and pay interest annually each October 1. Bridgeport has a December 31 year end, and at this date, the bonds' fair value was $1,050. Assume Bridgeport applies IFRS.

Problem 1: Prepare Bridgeport's journal entry for the December 31 interest accrual.

Reference no: EM132761736

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