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On June 1, Year 1, South Company purchased 4,000 of the P1,000 face value, 8% bonds of State Corporation for P3,691,500. The bonds were purchased to yield 10% interest. Interest is payable semi - annually on December 1 and June 1. The bonds mature on June 1, Year 5. On November 1, Year 4, South sold the bonds for P3,925,000. This amount includes the appropriate accrued interest.
Market value of the bonds at the end of each reporting period follows: December 31, Year 1 - 97December 31, Year 2 - 99December 31, Year 3 - 98 Requirement:
Problem a) Prepare the entry to record the sale of the securities on Year 4, assuming that the securities are classified as:
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