For 27 - 28: At the beginning of the current year, Icon Company acquired bonds with face value of P 4,000,000 at a cost of P 3,761,000. The bonds are held for trading. Bonds pays interest at 12% semiannually on January 1 and July 1 and will mature after four years. The bonds have an effective yield of 14% and are quoted at 105 at year end. 27. the journal entry to record the acquisition: 28. the journal the record semi annual interest received:
For 27 - 28: At the beginning of the current year, Icon Company acquired bonds with face value of P 4,000,000 at a cost of P 3,761,000. The bonds are held for trading. Bonds pays interest at 12% semiannually on January 1 and July 1 and will mature after four years. The bonds have an effective yield of 14% and are quoted at 105 at year end. 27. the journal entry to record the acquisition: 28. the journal the record semi annual interest received:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:For 27 - 28:
At the beginning of the current year, Icon Company acquired bonds with face value of P 4,000,000 at a cost of P
3,761,000. The bonds are held for trading.
Bonds pays interest at 12% semiannually on January 1 and July 1 and will mature after four years.
The bonds have an effective yield of 14% and are quoted at 105 at year end.
27. the journal entry to record the acquisition:
28. the journal the record semi annual interest received:
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