Thanks, this is intermediate accounting 1,can anyone give me solution manual for Intermediate accounting 1 millan 2020?

552 Chapter 10 initially deferred and recognized directly in equity when the asset is derecognized or becomes impaired. d. expensed immediately on acquisition date. An entity acquired 10-year bonds at a premium. The investment is measured at amortized cost. Seven years after the acquisition, the entity sold 90% of the bonds at a discount. Which of the following is true? Gain is realized on the sale. b. The remaining 10% should be reclassified out of the amortized cost measurement category. C. Loss is realized on the sale d. band c 7. There are no payments made during the life of this type of bond; both the principal and interest (computed on a compounded basis) are payable only at maturity date. a. zero coupon or strip bonds c. junk bond b. no sufficient funds bonds d. retractable bond 8. Jackhammer Co. calculates the interest income on an investment in debt securities using the effective interest method but reports the investment at fair value. Jackhammer Co.'s investment must have been classified as a. amortized cost asset. c. FVOCI asset. b. FVPL asset. d. fair value asset. An entity purchased bonds at a premium. The bonds are measured at amortized cost. Assume the fair value of the bonds is volatile. Therefore, a. less cash interest is received each year than interest revenue. b. the ending valuation allowance account balance will depend on the ending market value and original cost. 553 c. the ending valuation allowance account balance will depend on the ending market value and original cost adjusted for premium amortization. d. the carrying amount of the bonds decreases over the term of the bonds. 10. Chicken Pork Adobo (CPA) Co. is preparing the electronic spreadsheet below to amortize the discount on its 10-year, 6%, P100,000 face amount investment in bonds. The bonds were acquired on December 31 at a price that reflects a yield rate of 8%. Interest is paid annually. Cash received Amortization Carrying anwind P86.580 96,000 Which formula should CPA use in cell E3 to calculate the investment's carrying amount at the end of year 2? a. E2 + D3 b. E2 - D3 c. E2 + C3 d. E2 - C3 (AKPA - adapted) PROBLEM 3: EXERCISES 1. On January 1, 20x1, Athena Co. acquired P1,000,000 face amount, 14% bonds for P1,060,747. The bonds mature in four years' time but interest is due annually every January 1. The bonds are measured at amortized cost. The effective interest rate is 12%. Requirements: Prepare the amortization table. b. Prepare all the journal entries. How much is the unamortized discount or premium on December 31, 20x2? . Assume all the bonds were sold on January 1, 20x3 at 110. Transaction costs incurred on the sale amounted to P40,000