PLEASE USE ACCOUNTS FROM THIS LISTAccumulated Other Comprehensive IncomeAllowance for Investment ImpairmentBond Investment at Amortized CostCashDividends ReceivableDividend RevenueFV-NI InvestmentsFV-OCI InvestmentsGain on Disposal of Investments in AssociateGain on Disposal of Investments - Cost/Amortized CostGain on Disposal of Investments - FV-NIGain on Disposal of Investments - FV-OCIGain or Loss in Value of Investment PropertyGST ReceivableInterest ExpenseInterest IncomeInterest PayableInterest ReceivableInvestment in AssociateInvestment Income or LossLoss on Discontinued OperationsLoss on Disposal of Investments - Cost/Amortized CostLoss on Disposal of Investments - FV-NILoss on Disposal of Investments - FV-OCILoss on ImpairmentNo EntryNote Investment at Amortized CostOther InvestmentsRecovery of Loss from ImpairmentRetained EarningsUnrealized Gain or LossUnrealized Gain or Loss - OCI | Your answer is partially correct. Try again.Prepare Whispering Winds's journal entry for the year-end fair value adjustment. (Round answers to 2 decimal places, e.g.52.75. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entryis required, select "No Entry" for the account titles and enter 0 for the amounts.)Account Titles and ExplanationDebitCreditSHOW LIST OF ACCOUNTSLINK TO TEXTX Your answer is incorrect. Try again.separately, prepare Whispering Winds's journal entry for the December 31 interest accrual. (Round answers to 2 decimal places,e.g. 52.75. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If noentry is required, select "No Entry" for the account titles and enter 0 for the amounts.)Account Titles and ExplanationDebitCreditSHOW LIST OF ACCOUNTSLINK TO TEXTX Your answer is incorrect. Try again.Assuming Whispering Winds applies ASPE, uses the effective interest method, and follows a policy of reporting interest incomeseparately, prepare Whispering Winds's journal entry for the year-end fair value adjustment. (Round answers to 2 decimal places,e.g. 52.75. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If noentry is required, select "No Entry" for the account titles and enter 0 for the amounts.)Account Titles and ExplanationDebitCredit Brief Exercise 9-10On October 1, Whispering Winds Ltd. purchased 7% bonds with a face value of $1,000 for trading purposes, accounting for theinvestment at FV-NI. The bonds were priced at 1.022 to yield Whispering Winds 5%, and pay interest annually each October 1.Whispering Winds has a December 31 year end, and at this date, the bonds' fair value was $1,040. Assume Whispering Winds appliesIFRS.

Journal entry: It is the process of recording and summarizing business economic and non-economic…

Answered: Brief Exercise 9-10 On October 1,…

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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PLEASE USE ACCOUNTS FROM THIS LIST

Accumulated Other Comprehensive Income
Allowance for Investment Impairment
Bond Investment at Amortized Cost
Cash
Dividends Receivable
Dividend Revenue
FV-NI Investments
FV-OCI Investments
Gain on Disposal of Investments in Associate
Gain on Disposal of Investments - Cost/Amortized Cost
Gain on Disposal of Investments - FV-NI
Gain on Disposal of Investments - FV-OCI
Gain or Loss in Value of Investment Property
GST Receivable
Interest Expense
Interest Income
Interest Payable
Interest Receivable
Investment in Associate
Investment Income or Loss
Loss on Discontinued Operations
Loss on Disposal of Investments - Cost/Amortized Cost
Loss on Disposal of Investments - FV-NI
Loss on Disposal of Investments - FV-OCI
Loss on Impairment
No Entry
Note Investment at Amortized Cost
Other Investments
Recovery of Loss from Impairment
Retained Earnings
Unrealized Gain or Loss
Unrealized Gain or Loss - OCI

| Your answer is partially correct. Try again.
Prepare Whispering Winds's journal entry for the year-end fair value adjustment. (Round answers to 2 decimal places, e.g.
52.75. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry
is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation
Debit
Credit
SHOW LIST OF ACCOUNTS
LINK TO TEXT
X Your answer is incorrect. Try again.
separately, prepare Whispering Winds's journal entry for the December 31 interest accrual. (Round answers to 2 decimal places,
e.g. 52.75. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation
Debit
Credit
SHOW LIST OF ACCOUNTS
LINK TO TEXT
X Your answer is incorrect. Try again.
Assuming Whispering Winds applies ASPE, uses the effective interest method, and follows a policy of reporting interest income
separately, prepare Whispering Winds's journal entry for the year-end fair value adjustment. (Round answers to 2 decimal places,
e.g. 52.75. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation
Debit
Credit

Brief Exercise 9-10
On October 1, Whispering Winds Ltd. purchased 7% bonds with a face value of $1,000 for trading purposes, accounting for the
investment at FV-NI. The bonds were priced at 1.022 to yield Whispering Winds 5%, and pay interest annually each October 1.
Whispering Winds has a December 31 year end, and at this date, the bonds' fair value was $1,040. Assume Whispering Winds applies
IFRS.

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