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On January 1, 2021, BESHIE Company issued a 5-year bond with face value of P4,000,000 and stated interest of 10% per year payable semi-annually June 30 and December 31. The bonds were issued at P4,340,000. The transaction cost associated with this bond issuance is P15,600. The effective interest of the bonds after consideration of the transaction cost is 8%. On December 31, 2021, the fair value of the bonds was 120.
Problem a: Record all the entries from January 1 to December 31, 2021 assuming the following scenarios:
1. The change in fair value is not attributable to credit risk.
2. Ninety-percent of the change is due to a change in fair value.
3. Ninety-percent of the change is due to a change in fair value, and an accounting mismatch would result if a portion of the change is recorded as part of other comprehensive income.
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