Compute for the carrying amount of the financial asset

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On January 1, 2018 Suho Company purchased 5-year bond with a face value of Php 4,000,000 and a stated rate of 10% per year payable semi-annually every June 30 and December 31. The bonds were acquired at Php 4,324,400 to yield 8%. The objective of Suho Company business model is to hold the investment until maturity and to collect te contractual cash flow. On February 28, 2020, the bonds were sold at 105 including accrued interest.

Problem 1. Compute for the carrying amount of the financial asset at the date of derecognition

Problem 2. Compare the carrying amount of the financial asset at derecognition date as against the consideration received

Problem 3. Recognize the gain or loss on derecognition in profit or loss

Reference no: EM132757472

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