Question 3 (Basic) On 1 January 2018, X purchased 8% debentures in a listed company, A, at $2,260,000 in the market. The listed debentures are due to be redeemed by A at the nominal value of $2,000,000 on 31 December 2022. Interest is payable annually on 31 December. X intends to hold such securities to maturity. Effective interest yield on the investment is approximately 5%. Required: Explain how the debenture should be accounted for in the nancial statements of X for the year ended 31 December 2018. Show your detailed calculations and journal entries