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Question - Cebu Corporation issued bonds with face value of P6,000,000 on January 1, 2018. The nominal rate of 6% is payable annually on December 31. The bonds are issued with an 8% effective yield. The bonds mature on every December 31 each year at the rate of P2,000,000 for three years. (Round off present value factors to four decimal places and your answer to nearest whole number)
Required - Based on the preceding information, determine the following:
1. Issue price of the serial bonds:
A. P6,000,000
B. P5,788,532
C. P6,211,468
D. P5,875,832
2. Interest expense in 2018:
A. P360,000
B. P480,000
C. P347,312
D. P463,083
3. Carrying value of the serial bonds payable at December 31, 2018:
B. P4,108,385
C. P4,000,000
D. P3,891,615
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