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Problem 1: Ana purchased a bond as a long-term investment on January 1. Annual interest was received on December 31. The investor's interest income for the year would be lowest if the bond was purchased at:
Option 1: a discount.
Option 2: a premium.
Option 3: par.
Option 4: face value.
Problem 2: If the bonds are acquired between interest payment dates, the price paid for the bond would be:
Option 1: equal to the acquisition cost.
Option 2: increased by a charge for accrued interest to the date of purchase.
Option 3: decreased by a credit for accrued interest to the date of purchase.
Option 4: equal to the par value increased by a charge for accrued interest to the date of purchase.
In the journal provided, prepare journal entries without explanations for the following transactions. Write "no entry" if none is needed.
On the January 2020, An entity acquires a bond for P1,000, incurring transaction costs of P70. How much is the initial carrying amount of the bond
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