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On January 1, 2018, Mamood Ltd. paid $322,744.44 for 12% bonds of Variation Ltd. with a maturity value of $300,000. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2018, mature on January 1, 2023, and pay interest each December 31. Mamood acquired the bond investment as part of its portfolio of trading securities and it accounts for the bonds at FV-NI, following IFRS. At December 31, 2018, Mamood's year end, the bonds had a fair value of $320,700.
Instructions
Problem 1: Prepare all entries required for 2019, including recognition of the impairment in value if necessary, and for 2020.
Problem 2: Prepare all entries required for 2021, including recognition of the recovery of the impairment in value, if necessary.
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