Current Attempt in Progress Marigold Corp. purchased a $100,000 face value bond of Myers Corp. on August 31, 2022, for $108,320 plus accrued interest. The yield on the bond is 7.24%. The bond pays interest annually each November 1 at a rate of 9%. On November 1, 2022, Marigold received the annual interest. On December 31, 2022, Marigold's year end, the fair value for these bonds was 107.4. Marigold sold the bond on January 15, 2023, for $107,100 plus accrued interest. Assume Marigold follows IFRS. (a) + -Your answer is partially correct. Prepare the journal entries to record the purchase of the bond, the receipt of interest, any adjustments required at year end, and the subsequent sale of the bond. (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. Record entries in the order displayed in the problem statement. List all debit entries before credit entries.) Date Account Titles and Explanation Aug. 31, 2022÷ Interest Receivable EVNUL Debit 7500 Credit

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.