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Question - On July 1, 2016, Darrell Company purchased as debt investments at fair value through profit or loss at P500,000 face value Sweeney Company's 8% bonds for P468,301 to yield 10%. The bonds mature on July 1, 2020 and pay interest annually every July 1. On December 31, 2016, the bonds had a market value of P472,500. On October 31, 2017, Darrell sold half of the bonds for P250,000 plus accrued interest. The bonds fair value at the end of 2017 was P300,000.
Required -
1. Prepare the journal entries from 2016 to 2018.
2. Assume that instead of initially recognizing the financial assets as DI@FVTPL, Darell recognized them as financial assets at fair value through other comprehensive income. Prepare the necessary journal entries from 2016 to 2018.
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