9, please answer last part. thanks Assume Novak applies ASPE, uses the effective interest method, and reports interest income separately, prepare Novak's journalentry for the December 31 interest accrual. (Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automaticallyindented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O forthe amounts. List all debit entries before credit entries.)Account Titles and ExplanationDebitCredit On October 1, Novak Ltd. purchased 9% bonds with a face value of $1,000 for trading purposes, accounting for the investment at FV-NI. The bonds were priced at 1.023 to yield Novak 6% and pay interest annually each October 1. Novak has a December 31 year end,and at this date, the bonds' fair value was $1,055. Assume Novak applies IFRS.(a)Your AnswerPrepare Novak's journal entry for the purchase of the investment. (Credit account titles are automatically indented when the amountis entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debitentry before credit entry.)Account Titles and Explanation(b)Correct Answer (Used)FV-NI InvestmentsCash(c)Your Answer Correct Answer (Used)Interest ReceivableInvestment Income or LossPrepare Novak's journal entry for the December 31 interest accrual. (Round answers to 2 decimal places, e.g. 52.75. Credit accounttitles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for theaccount titles and enter O for the amounts. List debit entry before credit entry.)Account Titles and ExplanationYour answer is correct.Account Titles and ExplanationDebitFV-NI InvestmentsInvestment Income or LossDebit1,023Debit22.50CreditPrepare Novak's journal entry for the year-end fair value adjustment. (Round answers to 2 decimal places, e.g. 52.75. Credit accounttitles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for theaccount titles and enter O for the amounts. List debit entry before credit entry.)32Credit1,023Credit22.5032

FV_NI stands for "Fair Value through Net Income." Accounting for securities under FV_NI is a method…

the separately, prep vak s journal y for the December 31 interest accrual. (Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically nted when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for amounts. List all debit entries before credit entries.) count Titles and Explanation Debit Credit