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What amount should Dragon Company report

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Problem -

Q1. The following information relates to non-current investments that Dragon Company placed in trust as required by underwriter of its bonds:

Bond sinking fund balance, January 1, 2018, P2,000,000; Additional investment during 2018, P500,000; Interest revenue, P20,000; Administrative costs, P15,000, Carrying value of bonds payable, P3,000,000.

What amount should Dragon Company report in its December 31, 2018 balance sheet related to its non-current investment for bond sinking fund requirements?

Q2. On January 1, 2015, Crane Company purchased a P4,000,000 ordinary life insurance policy on its president. Additional data for the year 1028 are: Cash surrender value, January 1, P200,000; Cash surrender value, December 31, P220,000; Annual insurance premium paid on January 1, 2018, P80,000; Dividend received August 1, P10,000. Crane Company is the beneficiary under the life insurance policy. Crane should report life insurance expense for 2018 of?

Reference no: EM132910444

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