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Prepare journal entries

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Question - On October 1, 2020, Yost Company purchased 4,000 of tbP1,000 face amount, 10% bonds of Pell Company for P4,400,000 which included accrued interest of P100,000.

The bonds, which mature on January 1, 2027, pay interest semi-annually on January 1 and July 1.

The entity used the straight line method of amortization and appropriately recorded the bonds as financial asset at amortized cost.

Required - Prepare journal entries for 2020 and 2021.

Reference no: EM132896627

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