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Question Completion Status SENERELTEKST Read the following case and use your knowledge, skills, and critical thinking to answer the questions below: You work as CFO of Asian Company which has great amount of remaining cash. You are working hard to provide your experience for investing the remaining cash. You suggested that the best way to invest in purchasing the bondhi of other companies known as debt investments, because you believe that dobt investments are safe, secure, and profitable investments Required 1: You believe that the Asian Company must apply the amortized cost method to account for its purchase of debt investments, what criteria must be met to apply the amortized cost method? Required 2 Based on the information provided in the case above, can the Asian Company choose the fair value option to account for this debt investment? If yes, can the company change to apply the amortized cost method next year? If no briefly explain? Required 3: On January 1, 2019. Asian Company purchased 40,000 bonds of Bahrain Company, par value $2.000.000,8% bonds at a price of 51.880,000. The interestis payable each January 1, and the bonds mature January 1, 2024. The debt investment will provide Asian Company a 10% yield What is the journal entry to record the purchase of Bahrain Company debt investments ? Required 4: Based on the information provided in required 3. prepare a bond amortization schedule for the first 2 years? Required 5 What is the effect of previous transactions on the statement of financial position on December 31, 2020? Required 6: Assume that Asian Company sold its investment in Bahrain Company on July 1, 2020, at 98 plus accrued interest, prepare the joumal entries to record this 07:42 Question Completion Status SENERELTEKST Read the following case and use your knowledge, skills, and critical thinking to answer the questions below: You work as CFO of Asian Company which has great amount of remaining cash. You are working hard to provide your experience for investing the remaining cash. You suggested that the best way to invest in purchasing the bondhi of other companies known as debt investments, because you believe that dobt investments are safe, secure, and profitable investments Required 1: You believe that the Asian Company must apply the amortized cost method to account for its purchase of debt investments, what criteria must be met to apply the amortized cost method? Required 2 Based on the information provided in the case above, can the Asian Company choose the fair value option to account for this debt investment? If yes, can the company change to apply the amortized cost method next year? If no briefly explain? Required 3: On January 1, 2019. Asian Company purchased 40,000 bonds of Bahrain Company, par value $2.000.000,8% bonds at a price of 51.880,000. The interestis payable each January 1, and the bonds mature January 1, 2024. The debt investment will provide Asian Company a 10% yield What is the journal entry to record the purchase of Bahrain Company debt investments ? Required 4: Based on the information provided in required 3. prepare a bond amortization schedule for the first 2 years? Required 5 What is the effect of previous transactions on the statement of financial position on December 31, 2020? Required 6: Assume that Asian Company sold its investment in Bahrain Company on July 1, 2020, at 98 plus accrued interest, prepare the joumal entries to record this 07:42