Reference no: EM132613652
On December 31, 2019, Pluto Corp. acquired $500,000 of 8% bonds of Saturn Ltd., at a price to yield 6%. The bonds mature on December 31, 2024, with interest payable each June 30 and December 31. Pluto follows IFRS and uses the FVNI model for this investment. On December 31, 2020, the bonds are selling at a price to yield 5.6%.
Required
Question 1: Prepare the following four journal entries for Pluto:
A. Acquisition of bonds on December 31, 2019.
B. Receipt of interest on June 30, 2020.
C. Receipt of interest on December 31, 2020.
D. December 31, 2020, revaluation entry.
Round all values to the nearest dollar.
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