need answers for this asap tq c. CIMB Islamic Bank Bhd had purchased Negotiable Islamic Debt Certificate (NIDC) with a nominalvalue of RM2,500,000 with the following details:Issuance date :7 March 2022Maturity date :7 July 2022Transaction date :7 April 2022Yield : 5% per annumDetermine the price paid by CIMB Islamic Bank Bhd for the NIDC? d. Public Islamic Bank Bhd with excess fund of MYR9,000,000 decided to place Islamic NegotiableInstrument of Deposit (INID) with CIMB under the mudharabah (profit sharing) basis. The followingare the details :Issuance date : 31 December 2021Maturity date : 31 December 2022Transaction date : 15 October 2022PSR : 80:20Expected dividend rate : 10.5%Profit : Quarterly dividendWhat is the expected amount received by Public Islamic at the end of the INID maturity?

Note: This post has two distinct questions. The first has been answered below

c. CIMB Islamic Bank Bhd had purchased Negotiable Islamic Debt Certificate (NIDC) with a nominal value of RM2,500,000 with the following details: Issuance date :7 March 2022 Maturity date :7 July 2022 Transaction date :7 April 2022 Yield : 5% per annum Determine the price paid by CIMB Islamic Bank Bhd for the NIDC?

c. CIMB Islamic Bank Bhd had purchased Negotiable Islamic Debt Certificate (NIDC) with a nominal value of RM2,500,000 with the following details: Issuance date :7 March 2022 Maturity date :7 July 2022 Transaction date :7 April 2022 Yield : 5% per annum Determine the price paid by CIMB Islamic Bank Bhd for the NIDC?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable

Section: Chapter Questions

Problem 12MC: (Appendix 14.1)Pamlico Company has a 500,000, 15%, 3-year note dated January 1, 2019, payable to...

See similar textbooks

Similar questions

A Ltd issued a 5% loan note on 1 April 2012 at its face value of K25 million. Direct costs of the issue were K1,500,000. the loan note will be redeemed on 31 March 2015 at a substantial premium. The effective interest rate applicable is 10% per annum. Explain the accounting treatment of the above instrument
On 1 April 2020, Apollo Berhad made a RM1,000,000 loan from the bank at an interest rate of10 percent, equal to its effective interest rate for the development of the company's power generation facilities. On 1 April, the loan was obtained and RM300,000 was used on qualifying properties. On 1 April, the company deposited the remaining balance at a rate of 6% per annum in a bank yielding interest.On 31 December 2020, when the construction was finished and ready for use, the full amount was withdrawn and paid to the contractor. On 31 March 2021, the company returned the loan to the bank. As of 1 April 2021, power generation facilities were eligible for use in the undertaking. Requirement : (a) Calculate the net borrowing cost that should be capitalised as part of the cost of the new store and the finance cost that should be reported in the income statement for the year ended 31 March 2021. (b) Show the extracts from the income statement for the year ended 31 March 2021 and the statement…
On 1 January 2020, an entity purchased a debt instrument at its face value of P1,000,000. The contractual term is ten years with an annual coupon of 6%. On 31 December 2020, the fair value of the instrument decreases to P955,000. 12-month expected credit losses as determined under the impairment model are P25,000. Which statement is correct if the debt instrument is classified as FA@FVTOCI? a. The net amount to be recognized in 2020 profit or loss is P60,000. b. The amount to be recognized in 2020 other comprehensive income is P45,000. c. None of these d. The amount to be reported on the entity's December 31, 2020 statement of financial position is P930,000.
Public Islamic Bank Bhd with excess fund of MYR9,000,000 decided to place Islamic Negotiable Instrument of Deposit (INID) with CIMB under the mudharabah (profit sharing) basis. The following are the details : Issuance date : 31 December 2021 Maturity date : 31 December 2022 Transaction date : 15 October 2022 PSR : 80:20 Expected dividend rate : 10.5% Profit : Quarterly dividend What is the expected amount received by Public Islamic at the end of the INID maturity?
On December 31, 2020, Alberta Inc. purchased $500,000, 10% bonds issued by Banff Ltd. The bonds have a maturity date of December 31, 2026. The market interest rate on December 31, 2020 was 9.5%. If Alberta Inc. accounts for this investment under the amortized cost model, what is the amount at which the Investment in Banff Ltd. Bonds will be reported on the statement of financial position at December 31, 2021, given that the current market interest rate is 9%? $519,448 $509,599 $511,050 $490,523
On December 31,2019, OP company purchased debt investment at amortized cost P3,000,000 serial bonds with a nominal interest rate of 10% and effective rate of 13%. Bonds with a face value of P1,000,000 mature on December 31, 2020 and every December 31 thereafter. Present value at 13% are as follows: 1 period-0.885; 2-periods-0.783; 3 periods-0.693. 1. What is the initial cost of the debt investment? 2. What is the carrying amount of the debt investment on December 31, 2020?
On February 18, 2021, Union Corporation purchased 600 IBM bonds as a long-term investment at their face value for a total of $600,000. Union will hold the bonds indefinitely, and may sell them if their price increases sufficiently. On December 31, 2021, and December 31, 2022, the market value of the bonds was $580,000 and $610,000, respectively.Required:1. What is the appropriate reporting category for this investment? Why?2. Prepare the adjusting entry for December 31, 2021.3. Prepare the adjusting entry for December 31, 2022.
On January 1, 2020, Blue Company purchased P500,000 8% bonds for P475,126 (including broker’s commission of P20,000.) Interest is payable annually every December 31. The bonds mature on December 31, 2022. The prevailing parget rate for the bonds is 9% on December 31, 2020. Round off present value factors to four (4) decimal places and final answers to the nearest peso. If the investment is classified as financial asset at fair value through profit or loss determine the following The amount to be recognized in 2020 profit or loss. The amount to be reported on the entity's December 31, 2020 statement of financial position is?
On January 1, 2020, Blue Company purchased P500,000 8% bonds for P475,126 (including broker’s commission of P20,000.) Interest is payable annually every December 31. The bonds mature on December 31, 2022. The prevailing parget rate for the bonds is 9% on December 31, 2020. Round off present value factors to four (4) decimal places and final answers to the nearest peso. If the investment is classified as financial asset at amortized cost determine the following The amount to be recognized in 2020 profit or loss. The amount to be reported on the entity's December 31, 2020 statement of financial position is?
On January 1, 2020, Blue Company purchased P500,000 8% bonds for P475,126 (including broker's commission of P20,000.) Interest is payable annually every December 31. The bonds mature on December 31, 2022. The prevailing parget rate for the bonds is 9% on December 31, 2020. Round off present value factors to four (4). decimal places and final answers to the nearest peso. If the investment is classified as financial asset as financial asset at fair value through comprehensive income, determine the amount to be recognized in 2020 other comprehensive income. A. 47, 513 B. 76,088 C. 12,891 D. 8,575
On 1 January 2019, Azzurri Berhad sold a stock item with a cost of RM50,000 to Mancini Berhad. The terms of the sale include a five-yearly instalment of RM15,000, each payable at the end of every year. The cash selling price of the stock is RM60,000. An effective interest rate of 7.931% should be used in any calculations With reference to relevant Malaysian Financial Reporting Standards (MFRS), prepare the respective journal entries for the years ended 31 December 2019 and 31 December 2020
At the close of business on December 31, 2021 Tempest Corp pays a $80,000 premium to purchase a foreign currency option giving Tempest the right but not the obligation to purchase 100,000 euros and sell $130,000 US dollars in six months as a hedge of a future euro rental obligation. What is reported on the balance sheet at December 31, 2021 (in US dollars) asset of $0 asset of $80,000 asset of $210,000 liability of $110,000 liability of $130,000