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Prepare whiteside entry for purchase of investment

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On January 1, 2017, Whiteside Ltd purchased 7% 10-year bonds with a face value of $1,000 for trading purposes, accounting for the investment at fair value through net income. The market rate of interest on January 1 was 5%, and interest payments are made annually. Whiteside has a December 31-year end, and at this date, the bonds' fair value was $1,050. Assuming Whiteside applies IFRS and follows a policy of not reporting interest income separately from investment income:

Prepare Whiteside's entry for the purchase of the investment.

Reference no: EM133307275

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