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What amount is credited to Cash on the date of acquisition

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Question - On March 31, 2020, Angola Corp acquired P2,000,000 12% bonds at 96 plus accrued interest. Interest is payable January 1 and July 1. The bonds are held as trading investment. On November 1, 2020, the company sold P1,200,000 face value bonds for 101 plus accrued interest. On December 31, 2020 the bonds are quoted at 120.

Required -

1. What amount is credited to Cash on the date of acquisition?

2. On November 1, 2020, what is the total cash received?

3. What is the gain on sale of trading securities?

4. What is the carrying amount of the bonds on 12/31/2020 to be presented in the Statement of Financial Position?

5. What is the Unrealized gain - TS on 12/31/2020?

Reference no: EM132812613

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