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On October 1, Qilan Ltd. purchased 7% bonds with a face value of $1,000 for trading purposes, accounting for the investment at FV-NI. The bonds

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On October 1, Qilan 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 1.044 to yield Qilan 6%, and pay interest annually each October 1. Qilan has a December 31 year end, and at this date, the bonds' fair value was $1,055. Assume Qilan applies IFRS and follows a policy of not reporting interest income separately from other investment income. Your answer is partially correct. Try again. Prepare Qilan'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 1,000 Cash 11,000 Your answer is partially correct. Try again. Prepare Qilan's journal entry for the December 31 interest accrual. (Round answers to 2 decimal places, e.g. 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 o for the amounts.) Account Titles and Explanation Debit Credit Interest Receivable X Interest Income 115 Your answer is partially correct. Try again. Prepare Qilan's journal entry for the year-end fair value adjustment. (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 Unrealized Gain or Loss FV-NI Investments 155 x Your answer is incorrect. Try again. Assume Qilan applies ASPE, uses the effective interest method, and follows a policy of reporting interest income separately, prepare Qilan's journal entry for the December 31 interest accrual. (Round answers to 2 decimal places, e.g. 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 o for the amounts.) Account Titles and Explanation Debit Credit Your answer is partially correct. Try again. Assuming Qilan applies ASPE, uses the effective interest method, and follows a policy of reporting interest income separately, prepare Qilan's journal entry for the year-end fair value adjustment. (Round answers to 2 decimal places, e.g. 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 o for the amounts.) Account Titles and Explanation Debit Credit Cash x Question Attempts: 1 of 4 used On October 1, Qilan 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 1.044 to yield Qilan 6%, and pay interest annually each October 1. Qilan has a December 31 year end, and at this date, the bonds' fair value was $1,055. Assume Qilan applies IFRS and follows a policy of not reporting interest income separately from other investment income. Your answer is partially correct. Try again. Prepare Qilan'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 1,000 Cash 11,000 Your answer is partially correct. Try again. Prepare Qilan's journal entry for the December 31 interest accrual. (Round answers to 2 decimal places, e.g. 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 o for the amounts.) Account Titles and Explanation Debit Credit Interest Receivable X Interest Income 115 Your answer is partially correct. Try again. Prepare Qilan's journal entry for the year-end fair value adjustment. (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 Unrealized Gain or Loss FV-NI Investments 155 x Your answer is incorrect. Try again. Assume Qilan applies ASPE, uses the effective interest method, and follows a policy of reporting interest income separately, prepare Qilan's journal entry for the December 31 interest accrual. (Round answers to 2 decimal places, e.g. 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 o for the amounts.) Account Titles and Explanation Debit Credit Your answer is partially correct. Try again. Assuming Qilan applies ASPE, uses the effective interest method, and follows a policy of reporting interest income separately, prepare Qilan's journal entry for the year-end fair value adjustment. (Round answers to 2 decimal places, e.g. 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 o for the amounts.) Account Titles and Explanation Debit Credit Cash x Question Attempts: 1 of 4 used

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