On Jan 1, 2022, Sapphire acquired 6%, $100,000 bonds of Ruby, to yield 8%. The...
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On Jan 1, 2022, Sapphire acquired 6%, $100,000 bonds of Ruby, to yield 8%. The bonds were dated Jan 1, 2022, and mature at the end of 2025, with interest payable annually on each Jan 1. Sapphire intends to hold the bonds to maturity. The companies use IFRS. Required: Prepare the following entries in Sapphires books: a) Acquisition of bonds on January 1, 2022, b) Year-end adjusting entry at December 31, 2022, c) Receipt of the first interest payment on January 1, 2023.
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