Reference no: EM133087852
Question - On January 1, 2020, Pina Colada Corp. acquires $310,000 of Spider Products Inc. 9% bonds at a price of $294,849. The interest is payable each December 31, and the bonds mature on December 31, 2022. The investment will provide Pina Colada Corp. with a 11% yield. Pina Colada Corp. applies IFRS and accounts for this investment using the amortized cost model.
Prepare a three-year bond amortization schedule.
Prepare the journal entry to record interest received and interest income on December 31, 2021.
Prepare the journal entries to record interest received and interest income on December 31, 2022, and the maturity of the bond.
Prepare the entry for the disposal of the investment if Pina Colada had sold the bond on December 31, 2021 for $283,300 instead of holding it to maturity. Assume that 2021 interest received and interest income have already been recorded.
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