Reference no: EM132813236
Questions -
Q1. On April 1, 2020, Ghana Company purchased P3,000,000 12% bonds at 96 plus accrued interest. Interest is payable January 1 and July 1. The bonds are held as trading investment. What amount is credited to Cash on the date of acquisition?
Q2. On February 1, 2020, Botswana Corp purchased 12%, P3,000,000 face amount bonds at 105 plus accrued interest. Interest is payable semiannually on April 1 and October 1. Bonds are dated April 1, 2019 and mature on April 1, 2024. The bonds are measured at amortized cost. What amount is credited to Cash on the date of acquisition?
Q3. On August 1, 2019, Somalia Company purchased 12%, P3,000,000 face amount bonds for P3,225,000 including accrued interest. Interest is payable semiannually May 1 and November 1. Bonds are dated May 1, 2019 and mature May 1, 2023. The bonds are measured at amortized cost. What amount is debited to Investment in Bonds on the date of acquisition?
Q4. On January 31, 2020, Sudan Company purchased 12% P2,000,000 face amount bonds at 105 plus accrued interest. Interest is payable semiannually on April 1 and October 1. Bonds are dated April 1, 2019 and mature April 1, 2024. The bonds are measured at amortized cost, and straight line method of amortization is used. What is the carrying amount of the Investment in Bonds on December 31, 2020?
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