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Question - On January 1, 2018, Cane Company purchased bonds with a face value of P4,000,000 for P3,500,000 plus transaction costs of P211,618 with the business model of collecting contractual cash flows that are solely payments of principal and interest and to sell financial assets. The entity does not elect the fair value option in measuring financial assets. The bonds mature on December 31, 2020 and pay interest of 10% annually every December 31 with a 12% effective yield. What is the carrying amount of the financial asset on December 31, 2017?
A. 4,293,343
B. 4,070,364
C. 3,864,795
D. 3,807,853
Determine and Prepare general journal entries to record these transactions. Post the ledger accounts and enter the balance after each posting.
Question - Downriver Excursions LLC buys a new boat on credit for $10,000. How does this affect the income statement
Sowon, a Filipino citizen and unmarried, died on December 31, 2019 and left the following properties. Real and personal properties 16,000,000 Family home.
On January 1, Easton Company had cash on hand of $110,000. All of January's $212,000 sales were on account. December sales of $250,000 were also all on account.
Dillons Corporation made credit sales of $30,000 which are subject to 6% sales tax. The corporation also made cash sales which totaled $20,670 including the 6% sales tax.
Based on the information below, illustrate the effects on the accounts and financial statements of the Seller and the Buyer. Both use a perpetual inventory system.
Indicate whether each of the above investments should be accounted for using the cost model, the fair value through profit or loss model, or the equity method.
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