Reference no: EM132969708
Question - On the January 2020, An entity acquires a bond for P1,000, incurring transaction costs of P70. Interest of P80 is receivable annually, in arrears, over the next five years starting December 31, 2020. The bond has a mandatory redemption of P1,200 on December 31, 2024.
Required -
1. How much is the initial carrying amount of the bond? a. P1,070 b. P930 c. P1,000 d. P1,200
2. How much is the interest income in 2020? (Round-off it into whole number) a. P73 b. P84 c. P92 d. P87108
3. How much is the carrying amount of the bond on December 31, 2020? a. P998 b. P1,093 c. P1,074 d. P1,104
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