and December 31. The bonds were acquired to yield 10%. The bonds are to be of P5,000,000 and stated interest of 12% per ycar payable annually on On January 1, 2015, Robelyn Co. acquired a 5-ycar bonds with a total face value appropriately classified as financial asset at amortized cost. On lanuary 3, 2016, the ½ of the bonds were sold at 105. On November 1, 2016, Robelyn Co. changed its business model. It was determined that the remaining financial asset at amortized cost should be reclassified to held for trading securities on reclassification date. On December 31, 2016, the bonds are quoted at 102. On January 1, 2017, the bonds were quoted at 104.

and December 31. The bonds were acquired to yield 10%. The bonds are to be of P5,000,000 and stated interest of 12% per ycar payable annually on On January 1, 2015, Robelyn Co. acquired a 5-ycar bonds with a total face value appropriately classified as financial asset at amortized cost. On lanuary 3, 2016, the ½ of the bonds were sold at 105. On November 1, 2016, Robelyn Co. changed its business model. It was determined that the remaining financial asset at amortized cost should be reclassified to held for trading securities on reclassification date. On December 31, 2016, the bonds are quoted at 102. On January 1, 2017, the bonds were quoted at 104.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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