Powerpuff Company purchased the following securities during 2020, all of which are classified as financial...
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Accounting
Powerpuff Company purchased the following securities during 2020, all of which are classified as financial assets at fair value through profit or loss.
| 1-Feb | 2,000 shares of Blossom Company ordinary for P374,000. The shares represent 2% of the total outstanding shares of Blossom. |
| 1-Apr | 100 of 10% P10,000 face value Peach Company bonds due April 1, 2030; interest is payable April 1 and October 1. The bonds were purchased at 101. |
| 1-Apr | Buttercup Corporation 12% bonds; P150,000 face value, dated March 1, 2020, purchased at face value plus accrued interest. Interest is payable annually on March 1, the bonds are due on March 1, 2030. |
The fair values at December 31, 2020 are as follows:
- Blossom Company ordinary shares, P190
- Peach Company Bonds, 99%
- Buttercup Corporation Bonds, 102%
Give all entries during the year 2020, including any adjusting entries at December 31, 2020
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