On January 1, 2020, Kevin Cosme purchased a $2,000,000 10% bond for $2,159,708. The interest rate prevailing on the date of acquisition of the bonds was 8%. Beckham classifies the bond as a financial asset at fair value through other comprehensive income.
The fair value of the bonds at the end of each year is detailed below
December 31, 2020	102
December 31, 2021	98
December 31, 2022	101
a. Determine the book value of the debt instrument at the end of each year from 2020 to 2022
b. Determine the interest income recognized by Kevin on the Bonds each year from 2020 through 2022.
C. Determine the fair value change gain or loss recognized in Kevin's statement of other comprehensive income during the year 2020 to 2022
d. Determine the ending balance of unrealized gain or loss on financial assets at fair value through other comprehensive income that is in Kevin's shareholders' equity at the end of each year from 2020 through 2022

GMA Corporation displays the following data related to an inventory item
	Inventory, January 1			100 units @P50
	Shopping, January 9			300 units @ P54
	Shopping, January 19			90 units @ P60
	Inventory, January 31			150 units
	a. What value should be assigned to ending inventory using FIFO?
	b. What value should be assigned to the cost of goods sold using FIFO?

Answer rating: 100% (QA)

a Calculate the book value of the debt instrument at the end of each year Book Value at Year End Initial Cost Amortization Year 2020 Initial Cost 2159708 Amortization Initial Cost Fair Value 2159708 2... View the full answer