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Prepare all the journal entries for 2019, 2020, and 2021 assuming the market value of the bond is 1,950,000 and 2,010,000 repsectively for 2019 and 2020 for the following three classifications:

Prepare all the journal entries for 2019, 2020, and 2021 assuming the market value of the bond is 1,950,000 and 2,010,000 repsectively for 2019 and 2020 for the following three classifications:

FINANCIAL ACCOUNTING
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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On January 1, 2019, Dual Purpose Inc. purchased $2,000,000 par value, 6% bond with a maturity date of December 31, 2021. The bond pays annually on December 31. The bond was purchased to yield 7%. Dual follows IFRS and it's year is December 31. Required Prepare all the journal entries for 2019, 2020, and 2021 assuming the market value of the bond is 1,950,000 and 2,010,000 repsectively for 2019 and 2020 for the following three classifications: a) Amortized Cost b) FVPL c) FVOCI Note: Dual Purpose Inc. only prepares financial statements at their year end.
Transcribed Image Text:On January 1, 2019, Dual Purpose Inc. purchased $2,000,000 par value, 6% bond with a maturity date of December 31, 2021. The bond pays annually on December 31. The bond was purchased to yield 7%. Dual follows IFRS and it's year is December 31. Required Prepare all the journal entries for 2019, 2020, and 2021 assuming the market value of the bond is 1,950,000 and 2,010,000 repsectively for 2019 and 2020 for the following three classifications: a) Amortized Cost b) FVPL c) FVOCI Note: Dual Purpose Inc. only prepares financial statements at their year end.
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