Question: Question 1 on March 31, Concord Corp. invests in a $1,200, 9% bond to be held for short-term trading purposes, and accounts for this investment

Question 1 on March 31, Concord Corp. invests in a $1,200, 9% bond to be held for short-term trading purposes, and accounts for this investment using the FV-NI method. The bond's fair value when acquired was $1,164, but an additional $18 was paid (and debited to Interest Receivable) representing the interest accrued since the annual interest payment date of February 1. Concord applies IFRS, does not report interest separately from other investment income, and prepares financial statements each December 31. The fair value of the bond on December 31 is $1,157 and on February 1 when Concord sells the bond, it is $1,154. Prepare journal entry to record the purchase of the bond. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit March 31

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