On January 1, 2023, Concord Corp. acquires $311,000 of Spider Products Inc. 7% bonds at a price of $287,798. The interest is payable each December 31, and the bonds mature on December 31, 2025. The investment will provide Concord with a 10% yield. Concord applies IFRS and accounts for this investment using the amortized cost model. (a) Prepare a three-year bond amortization schedule. (Round answers to O decimal places, e.g. 5,275.) Date 1/01/23 2/31/23 $ 2/31/24 2/31/25 Cash Received LA Schedule of Interest Income and Bond Discount Amortization Effective Interest Method Interest Income $ LA Bond Discount Amortization LA $ Carrying Amo of Bonds

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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.