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On December 31, 2019, P226 Ltd. purchased bonds of 45ACP Ltd. The bonds mature on December 31, 2029, and have a maturity value of $5,000,000. The stated interest rate on the bonds is 4.2%. Interest is paid each June 30 and December 31. The bonds were purchased to yeild 4.6%. The bonds will be accounted for as FVNI and P226 follows IFRS 9.
Question 1: What was the purchase price of the bonds?
Question 1: Provide the 2020 journal entries for June 30 and Dec. 31 for P226. Use the net method and standard journal entry format.
Question 1: On December 31, 2020, the bonds were available in the secondary market at a yield rate of 4.3%. Provide the necessary Dec 31, 2020 journal entry
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