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Prepare the entry for the sale transaction

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Reference no: EM132622160

Question - On January 1, 2018, Quezon Company acquired 10% bonds in the face amount of P2,000,000. The bonds are dated January 1, 2018 and will mature on December 31, 2021. The bonds were acquired to yield 12% interest. Interest is payable every December 31.

Requirements -

A) Give all the necessary entries from 2018 up to 2021.

B) Give all the necessary entries from 2018-2021 assuming the principal amount will be paid as follows:

December 31, 2018- 500,000

December 31, 2019- 500,000

December 31, 2020- 500,000

December 31, 2021- 500,000

C) Give all the necessary entries from 2018-2021 assuming the principal amount will be paid as follows:

December 31, 2018- 750,000

December 31, 2019- 600,000

December 31, 2020- 250,000

December 31, 2021- 400,000

D) Using the original information; On April 1, 2020, the bonds were sold at 105 including accrued interest. Prepare the entry for the sale transaction.

Reference no: EM132622160

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