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Determine interest expense recorded

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Question - On January 1, 2016, a corporation issued P'6,400,000 12% 10-year bonds payable for P6,782,400. Interest is payable every June 30 and December 31. The effective interest rate for bonds of this type is 11%.

On October 1, 2020, P800,000 bonds were reacquired at 105 plus accrued interest. Determine interest expense recorded in 2020. Round present value factors to four decimal points.

Reference no: EM132969683

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