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How much interest expense should Big Bro report

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Reference no: EM132810756

Question - Big Bro Company borrows money under various loan agreement involving notes discounted and notes requiring interest payments at maturity. During the current year ended December 31, Big Bro paid interest totaling P5,000,000. The balance sheets included the following:

 

December 31

January 1

Interest payable

2,500,000

2,000,000

Prepaid interest

1,500,000

500,000

Required - How much interest expense should Big Bro report for the current year?

Reference no: EM132810756

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