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Prepare Bridgeport journal entry for the December

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Question - 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. Prepare Bridgeport's journal entry for the December 31 interest accrual.

Reference no: EM132758179

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