On October 1. Concord Ltd. purchased 7% bonds with a face value of $1,000 for trading purposes, accounting for the investment at FV-NI. The bonds were priced at 1.029 to yield Concord 6%, and pay interest annually each October 1. Concord has a December 31 year end, and at this date, the bonds' fair value was $1,050. Assume Concord applies IFRS. Prepare Concord's journal entry for the purchase of the investment. (Credit account titles are automatically indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit FV-NI Investments 1029 Cash 1029 e Textbook and Media List of Accounts Prepare Concord's journal entry for the December 31 interest accrual. (Round answers to 2 decimal places, eg. 52.75. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Interest Receivable FV-NI Investments Interest Income Prepare Concord's journal entry for the year-end fair value adjustment(Round answers to 2 decimal places, eg. 52.75. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit FV-NI Investments Assume Concord applies ASPE, uses the effective interest method, and follows a policy of reporting interest income separately. prepare Concord's journal entry for the December 31 interest accrual. (Round answers to 2 decimal places, eg. 52.75. Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account tities and enter for the amounts.) Account Titles and Explanation Debit Credit Interest Receivable Interest Income FV-NI Investments Assuming Concord applies ASPE, uses the effective interest method, and follows a policy of reporting interest income separately prepare Concord's journal entry for the year-end fair value adjustment. (Round answers to 2 decimal places, eg. 52.75. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit FV-NI Investments
