Solve 37 Items 36 to 39 are based on the following :On January 1, 2020, Tanzania Company purchased bonds withface amount of P4,000,000 for P4,206,000. The business model of the entity in managing the financialasset is to collect contractual cash flows that are solely payment of principal and interest and also to sell thebonds in the open market. The entity has not elected the fair value option of measuring financial asset. Thebonds mature on December 31, 2022 and pay 10% interest annually on December 31 each year with 8%effective yield.The bonds are quoted at 95 on December 31, 2020 and 90 on December 31, 2021.36. What amount of unrealized loss should be reported as component other comprehensive income in2020?37. What amount of unrealized loss should be reported as component of other comprehensive income in2021?

The company's goal is to keep the asset until it is paid off, however sales may be undertaken to…

tems 36 to 39 are based on the following :On January 1, 2020, Tanzania Company purchased bonds with ace amount of P4,000,000 for P4,206,000. The business model of the entity in managing the financial sset is to collect contractual cash flows that are solely payment of principal and interest and also to sell the onds in the open market. The entity has not elected the fair value option of measuring financial asset. The onds mature on December 31, 2022 and pay 10% interest annually on December 31 each year with 8% effective yield.The bonds are quoted at 95 on December 31, 2020 and 90 on December 31, 2021. 6. What amount of unrealized loss should be reported as component other comprehensive income in 2020? 7. What amount of unrealized loss should be reported as component of other comprehensive income in 021?

tems 36 to 39 are based on the following :On January 1, 2020, Tanzania Company purchased bonds with ace amount of P4,000,000 for P4,206,000. The business model of the entity in managing the financial sset is to collect contractual cash flows that are solely payment of principal and interest and also to sell the onds in the open market. The entity has not elected the fair value option of measuring financial asset. The onds mature on December 31, 2022 and pay 10% interest annually on December 31 each year with 8% effective yield.The bonds are quoted at 95 on December 31, 2020 and 90 on December 31, 2021. 6. What amount of unrealized loss should be reported as component other comprehensive income in 2020? 7. What amount of unrealized loss should be reported as component of other comprehensive income in 021?

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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