On January 1 , 2 0 2 2 , Cargo Airlines Inc. ( CAI ) ( uses
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Question:
On January Cargo Airlines Inc. CAIuses IFRS and has a December yearend issued $ of bonds which pay interest on June and December and mature on December The market rate of interest for similar bonds at time of issuance was and on December the market rate of interest for similar bonds was
Scenario Assume that CAI elected to subsequently measure the bonds at amortized cost.
Required:
Prepare the journal entry to record the issuance of the bonds on January ;
Prepare the journal entry to record the payment of interest on June ;
Prepare the required journal entry on December
Scenario Assume that CAI elected to subsequently measure the bonds at fair value through profit or loss FVPL and that they only revalue FVPL obligations at yearend.
Prepare the journal entry to record the issuance of the bonds on January ;
Prepare the journal entry to record the payment of interest on June ;
Prepare the required journal entry or entries on December
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