Reference no: EM132916238
Question - On January 1, 20x1, ABC Co, acquired 12%, P1,000,000 bonds. The principal is due on December 31, 20x3 but interest is due annually starting December 31, 20x1. Market rates on select dates are provided below. Prepare the journal entries for 20x1 and for 20x2.
Jan 1, 20x1 - 10%
Dec 31, 20x1 - 12%
Dec 31, 20x2 - 8%
Case 1: The investment is measured at FVTPL and transaction costs of P12,500 are incurred during acquisition.
Case 2: The investment is measured at FVOCI.
Case 3: The investment is measured at FVOCI and transaction costs of P12,500 are incurred during acquisition.
Case 4: Use the same information from Case 2 but assume that P400,000 face value bonds were sold on Dec 31, 20x1 at their fair value on that date.
Case 5: Use the same information from Case 2 but assume that P400,000 face value bonds were sold on Apr 1, 20x2 for P500,000.
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