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How much interest expense on bonds payable should jr report

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Question - JR Company showed the following balances in connection with its noncurrent liabilities on December 31, 2020.

Bonds payable - 10%, maturing December 31, 2025 P10,000,000

Bonds payable - 12%, maturing December 31, 2030 8,000,000

Discount on bonds payable 800,000

Premium on bonds payable 500,000

Bond issue costs 200,000

The discount is related to the 10% bonds payable and the premium and bond issue costs are applicable to the 12% bonds payable. No bonds were retired during 2020. How much interest expense on the bonds payable should JR report in its 2020 income statement?

Reference no: EM132540106

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