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D F G H TREATMENT OF DEBENTURES On 3 Jammy 2016. French Limited purchased 15.000 debethues (harving face abse of 10 each) issued by Greek Limited. Debentures were purchased at 9.7 each. However, the fair value of each debenture as on the date of purchase was 96 in the quoted market Trameaction cost of E 350 was also incurred on prechase of debentes. Coupon rate is 12% which is payable wally on 31 December whereas the effective interest rate is 12.0% French Limited classified the investment in debentures as financial axet at amotised cost. At inatial recognition French Limited determined that debenture was not creditimpaired 3 4 5 6 7 B 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 26 On 31 December 2017. French Limited determined that there had been a significant increase in credit risk since the acquisition of the debentures On 31 December 2018. French Limited determined that the debetter was credit impaired French Limited's estimates of expected credit losses in respect of the investment in debentes at different dates are given below Life Time 1545 Date January 2016 31 December 2016 31 December 2017 31 December 2013 31 December 2010 12 months $11.200 $11.200 12.400 12.00 SEK 10.000 170.000 70.000 Arual interest has been received on time each year Required: Prepare journal entries in the books of French Limited in respect of the above for the years ended 31 December 2016 to 31 December 2019. 3 4 5 5 7 Ou 3 January 2016, French Limited purchased 15,000 debeatures (having face value of E 10 cach issued by Greek Limited. Debentures were purchased at 9.7 each. However, the fair value of each debenture as on the date of purchase was 96 in the quoted market. Transaction cost of 350 wako insured on purchase of debeatures. Compensate is 125, which is payable amatly on 31 December whereas the effective interest rate is 12.6% French Limited classified the inestment in debentures as financial asset at amortised cost. At initial recognition, French Limited determined that debenture was not credit impaired 10 11 12 13 14 15 16 17 18 19 Ou 31 December 2017, French Limited determined that there had been a siguificant increase in credit risk since the acquisitice of the debeatures. Ou 31 December 2018, French Limited determined that the debeature was credit impaired. French Limited's estimates of expected credit losses in respect of the intestuest in debeatures at different dates are given below 54.500 21 22 23 24 25 26 27 28 29 30 31 32 I 2016 31 Desember 2016 21 Desember 2017 31 Desember 2015 31 Desember 2019 11.200 11.200 [12.400 [ 14.50 E14.500 70.900 5.70.900 Anmal interest has been seceived on time eacl year Required: Prepare journal entries in the books of French Limited in respect of the above for the years ended 31 December 2016 to 31 December 2019. 35 E G H M 3 N TREATMENT OF DEBENTURES 4 On 3 January 2016, French Limited purchased 15,000 debentures (having face value of 10 each) issued by Greek Limited. Debentures were purchased at 9.7 each. However, the fair value of each debenture as on the date of purchase was 96 in the quoted market. Transaction cost of 350 was also incurred on purchase of debentures. Coupon rate is 12% which is payable anually on 31 December whereas the effective interest rate is 12.6% French Limited classified the investment in debentures as financial asset at amortised cost. At initial recognition, French Limited determined that debenture was not credit impaired. 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 PR SP 24 125 28 On 31 December 2017, French Limited determined that there had been a significant increase in credit risk since the acquisition of the debentures. On 31 December 2018, French Limited determined that the debenture was credit impaired. French Limited's estimates of expected credit losses in respect of the investment in debentures at different dates are given below: Date 3 January 2016 31 December 2014 31 December 2017 31 December 2018 31 December 2015 Life Time 54.500 54,500 62.600 70.900 70.900 12 months 11.200 11,200 $ 12.400 14.500 14.500 27 28 29 Annual interest has been received on time each year. 30 31 32 Required: Prepare journal entries in the books of French Limited in respect of the above for the years ended 31 December 2016 to 31 December 2019. D F G H TREATMENT OF DEBENTURES On 3 Jammy 2016. French Limited purchased 15.000 debethues (harving face abse of 10 each) issued by Greek Limited. Debentures were purchased at 9.7 each. However, the fair value of each debenture as on the date of purchase was 96 in the quoted market Trameaction cost of E 350 was also incurred on prechase of debentes. Coupon rate is 12% which is payable wally on 31 December whereas the effective interest rate is 12.0% French Limited classified the investment in debentures as financial axet at amotised cost. At inatial recognition French Limited determined that debenture was not creditimpaired 3 4 5 6 7 B 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 26 On 31 December 2017. French Limited determined that there had been a significant increase in credit risk since the acquisition of the debentures On 31 December 2018. French Limited determined that the debetter was credit impaired French Limited's estimates of expected credit losses in respect of the investment in debentes at different dates are given below Life Time 1545 Date January 2016 31 December 2016 31 December 2017 31 December 2013 31 December 2010 12 months $11.200 $11.200 12.400 12.00 SEK 10.000 170.000 70.000 Arual interest has been received on time each year Required: Prepare journal entries in the books of French Limited in respect of the above for the years ended 31 December 2016 to 31 December 2019. 3 4 5 5 7 Ou 3 January 2016, French Limited purchased 15,000 debeatures (having face value of E 10 cach issued by Greek Limited. Debentures were purchased at 9.7 each. However, the fair value of each debenture as on the date of purchase was 96 in the quoted market. Transaction cost of 350 wako insured on purchase of debeatures. Compensate is 125, which is payable amatly on 31 December whereas the effective interest rate is 12.6% French Limited classified the inestment in debentures as financial asset at amortised cost. At initial recognition, French Limited determined that debenture was not credit impaired 10 11 12 13 14 15 16 17 18 19 Ou 31 December 2017, French Limited determined that there had been a siguificant increase in credit risk since the acquisitice of the debeatures. Ou 31 December 2018, French Limited determined that the debeature was credit impaired. French Limited's estimates of expected credit losses in respect of the intestuest in debeatures at different dates are given below 54.500 21 22 23 24 25 26 27 28 29 30 31 32 I 2016 31 Desember 2016 21 Desember 2017 31 Desember 2015 31 Desember 2019 11.200 11.200 [12.400 [ 14.50 E14.500 70.900 5.70.900 Anmal interest has been seceived on time eacl year Required: Prepare journal entries in the books of French Limited in respect of the above for the years ended 31 December 2016 to 31 December 2019. 35 E G H M 3 N TREATMENT OF DEBENTURES 4 On 3 January 2016, French Limited purchased 15,000 debentures (having face value of 10 each) issued by Greek Limited. Debentures were purchased at 9.7 each. However, the fair value of each debenture as on the date of purchase was 96 in the quoted market. Transaction cost of 350 was also incurred on purchase of debentures. Coupon rate is 12% which is payable anually on 31 December whereas the effective interest rate is 12.6% French Limited classified the investment in debentures as financial asset at amortised cost. At initial recognition, French Limited determined that debenture was not credit impaired. 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 PR SP 24 125 28 On 31 December 2017, French Limited determined that there had been a significant increase in credit risk since the acquisition of the debentures. On 31 December 2018, French Limited determined that the debenture was credit impaired. French Limited's estimates of expected credit losses in respect of the investment in debentures at different dates are given below: Date 3 January 2016 31 December 2014 31 December 2017 31 December 2018 31 December 2015 Life Time 54.500 54,500 62.600 70.900 70.900 12 months 11.200 11,200 $ 12.400 14.500 14.500 27 28 29 Annual interest has been received on time each year. 30 31 32 Required: Prepare journal entries in the books of French Limited in respect of the above for the years ended 31 December 2016 to 31 December 2019