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On January 1, Year 1, Dual Purpose Inc. purchased $2,000,000 par value, 6% bond with a maturity date of December 31, Year 3. The bond
On January 1, Year 1, Dual Purpose Inc. purchased $2,000,000 par value, 6% bond with a maturity date of December 31, Year 3. The bond pays annually on December 31. The bond was purchased to yield 7%. Dual follows IFRS and it's year is December 31. Prepare all the journal entries for Year 1, Year 2, and Year 3 assuming the market value of the bond is $1,950,000 and $2,010,000 repsectively for Year 1 and Year 2 for the following three classifications: a) amortized cost
B)FVPL
C)FVOCI
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