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Kim Company issued P10,000,000 bonds on bond issue date, December 31,2015. The bonds pay interest annually at 8% on the outstanding bond balance. The face value of the bonds is payable in installments of P2,000,000 every December 31, starting December 31,2016. The bonds were sold at a price that yields 12%.
REQUIRED:
Question a. Determine the issue price of the bonds on December 31,2015.
Question b. Determine the discount on bonds payable on December 31, 2017.
Question c. Determine the carrying value of bonds payable on December 31, 2018.
Question d. Determine the interest expense recognized on 2017.
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