Question On January 1, 2020, Milk Tea Company purcha

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Question On January 1, 2020, Milk Tea Company purchased bonds with face… On January 1, 2020, Milk Tea Company purchased bonds with face value amount of P5,000,000 for P4,760,000 including transaction cost of P160,000. The business model is to collect contractual cashflows and to sell the financial asset. The bonds mature on December 31, 2022 and pay 10% interest annually on December 31 with a 12% effective yield. The bonds are quoted at 102 on December 31, 2020 and 105 0n December 31, 2021. The bonds are sold on June 30, 2021 plus accrued interest. What amount of unrealized gain should be reported as component of other comprehensive income for 2021?Business Accounting ACCO 20093

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