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Determine total income should be reported

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Question - On January 1, 2014, Reign Company purchased 12% bonds with face talue of P5,000,000 for P5,380,000. The bonds provide an effective yield of 10%. The bonds are dated January 1, 2014, mature on January 1, 2019 and pay interest annually on December 31 of each year. The bonds are quoted at 120 on December 31,2014. The entity has elected the fair value option for the bond investment. Determine total income should be reported for 2014?

a. 1,120,000

b. 1,220,000

c. 1,138,000

d. 600,000

Reference no: EM133017076

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