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Prepare journal entries including adjustments

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Question - A Company was authorized to issue 12% 10-year bond with face amount of P 7,000,000 on January 1, 2020 (authorization date). Interest on the bond is payable semiannually on June 30 and December 31 of each year. The bonds were sold to underwriters on Jan. 1, 2020 at 106. The entity amortizes discount or premium only at the end of the year using straight-line method.

Required - Prepare journal entries for 2020 and 2021 including adjustments at the end of the year. Use memorandum approach.

Present the bonds payable in the statement of Financial Position on December 31, 2021.

Reference no: EM132722553

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