Assume the same information as in IFRS17-12 except that Roosevelt has an active trading strategy for these
Question:
Assume the same information as in IFRS17-12 except that Roosevelt has an active trading strategy for these bonds. The fair value of the bonds at December 31 of each year-end is as follows.
Instructions(a) Prepare the journal entry at the date of the bond purchase.(b) Prepare the journal entries to record the interest received and recognition of fair value for 2012.(c) Prepare the journal entry to record the recognition of fair value for2013.
$517,000 $500,000 $534,200 $515,000 $513,000 2012 2015 2013 2016 2014
Step by Step Answer:
a January 1 2012 Debt Investments 53790740 Cash 53790740 ...View the full answer
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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