Question: with explanation PROBLEMS Problem 19-1 (ACP) At the beginning of current year, Icon Company acquired bonds with face amount of P4,000,000 at a cost of

with explanation PROBLEMS Problem 19-1 (ACP) At the beginning of current

with explanation

PROBLEMS Problem 19-1 (ACP) At the beginning of current year, Icon Company acquired bonds with face amount of P4,000,000 at a cost of P3,761,000. The bonds are held for trading. Bonds pay interest of 12% semiannually on January 1 and Julip 1 and mature after four years, The bonds have an effective yield of 14% and are quoted at 105 at year-end. Required: Prepare journal entries for the current year

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