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On January 1, 2020, Rhiana Corp. purchased debt securities for cash of P765,540 to be held as financial assets at amortized cost. The securities have a face value of P600,000 and they mature in 15 year. The securities carry fixed interest of 10% that is receivable semiannually on June 30 and December 31. The prevailing market interest rate of these debt securities is 7% compounded semiannually.
Questions:
Problem 1. What is the carrying value of the debt securities on December 31, 2020 recorded at amortized cost using the effective interest?
Problem 2. How much is the interest income that should be reported in 2020 using the effective interest rate method?
MBS544 Accounting Processes Assignment Help and solutions, Murdoch University-Australia-Record the December transactions in the appropriate journal.
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