required portion 7% 6% 4. Champ Enterprises, a public company following IFRS,...
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7% 6% 4. Champ Enterprises, a public company following IFRS, purchased the bonds of Catty Corporation on January 1, 10 marks 2021. Interest is payable on July 1 and January 1 of each year. Other information pertaining to this investment follows: Face value of bonds $ 102,000 Stated interest rate Market rate of interest at time bonds were purchased Fair value of bond investment at December 31, 2021 $ 100,500 Maturity date of bond January 1, 2026 Required: Prepare Journal entries for Champ's investments for the year ending December 31, 2021, assuming that the fair value through net income (FV-NI) method is used
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