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Question - Pelangi Bhd purchases 1,000,000 units of a quoted bond of Pecca Bhd for a price of RM0.80 per unit on 1 January 2017. Brokerage fee amount to RM5,000. The bond pays a yearly coupon interest of 5% at the end of each financial year. The bond is redeemable at its nominal value of RM1.00 per unit at the end of Year 2021. Pelangi Bhd intends and has the financial ability to hold out the bond to maturity.
Required -
a. Produce an amortization schedule to show the carrying amount of the bond and the related interest income.
b. Provide the journal entries in each year to maturity.
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