{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-28T03:11:07-04:00", "answer_date": "2024-05-28 03:11:07", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1815719", "url": "\/study-help\/questions\/rell-corporation-reports-under-ifrs-no-9-rell-has-an-1815719", "question_creation_date_js": "2024-05-28T03:11:07-04:00", "question_creation_date": "May 28, 2024 03:11 AM", "meta_title": "[Solved] Rell Corporation reports under IFRS No. 9 | SolutionInn", "meta_description": "Answer of - Rell Corporation reports under IFRS No. 9. Rell has an investment in Tirish, Inc. bonds that Rell accounts for at amor | SolutionInn", "meta_keywords": "rell,corporation,reports,ifrs,9,investment,tirish,inc,bonds,accounts,amortized,cost", "question_title_h1": " Rell Corporation reports under IFRS No. 9. Rell has an investment in Tirish, Inc. bonds that Rell accounts for at amortized cost, given that", "question_title": " Rell Corporation reports under IFRS No. 9. Rell has an investment", "question_title_for_js_snippet": "Rell Corporation reports under IFRS No 9 Rell has an investment in Tirish, Inc bonds that Rell accounts for at amortized cost, given that the bonds pay only interest and principal and Rell's business purpose is to hold the bonds to maturity Rell purchased the bonds for 10,500,000 As of December 31, 2021, Rell calculates 805,000 of credit losses expected for default events occurring during 2022 and 500,000 of credit losses expected for default events occurring after 2022 Required 1 Assume the Tirish bonds have not had a significant increase in credit risk Prepare the journal entry to record any impairment loss as of December 31, 2021 2 Assume the Tirish bonds have had a significant increase in credit risk Prepare the journal entry to record any impairment loss as of December 31, 2021 3 Assume the Tirish bonds have not had a significant increase in credit risk, and that as of December 31, 2022, Rell calculates 700,000 of credit losses expected for default events occurring during 2023 and 400,000 of credit losses expected for default events occurring after 2023 Prepare the journal entry Rell would make with respect to any impairment loss as of December 31, 2022 ", "question_description": "\"image\"image\"image\"image", "transcribed_text": "Rell Corporation reports under IFRS No. 9. Rell has an investment in Tirish, Inc. bonds that Rell accounts for at amortized cost, given that the bonds pay only interest and principal and Rell's business purpose is to hold the bonds to maturity. Rell purchased the bonds for 10,500,000. As of December 31, 2021, Rell calculates 805,000 of credit losses expected for default events occurring during 2022 and 500,000 of credit losses expected for default events occurring after 2022. Required: 1. Assume the Tirish bonds have not had a significant increase in credit risk. Prepare the journal entry to record any impairment loss as of December 31, 2021. 2. Assume the Tirish bonds have had a significant increase in credit risk. Prepare the journal entry to record any impairment loss as of December 31, 2021. 3. Assume the Tirish bonds have not had a significant increase in credit risk, and that as of December 31, 2022, Rell calculates 700,000 of credit losses expected for default events occurring during 2023 and 400,000 of credit losses expected for default events occurring after 2023. Prepare the journal entry Rell would make with respect to any impairment loss as of December 31, 2022.", "related_book": { "title": "Human Resource Management", "isbn": "053845315X, 978-0538453158", "edition": "13th Edition", "authors": "Robert L. Mathis, John H. Jackson", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/80.jpg", "uri": "\/textbooks\/human-resource-management-13th-edition-80", "see_more_uri": "" }, "free_related_book": { "isbn": "979-8378680702", "uri": "\/textbooks\/from-satoshi-to-elon-the-story-of-cryptocurrencies-and-their-disruptive-potential-1st-edition-979-8378680702-187751", "name": "From Satoshi To Elon The Story Of Cryptocurrencies And Their Disruptive Potential", "edition": "1st Edition" }, "question_posted": "2024-05-28 03:11:07", "see_more_questions_link": "\/study-help\/questions\/business-finance-2024-September-21", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/show-how-each-transformation-may-be-accomplished-by-using-a", "description": "Show how each transformation may be accomplished by using a nitrile as an intermediate. You may use any necessary reagents. 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