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What is the amount of income Lyza Company should recognize

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Q1. On April 1, 2020, Lyza Company purchased to Mac Inc 3 year, 12% bonds with a face value of P1,000,000 for P978,452.60 including accrued interest of P30,000. The bonds will mature on Dec 31, 2022 and pay interest quarterly. Lyza Company has a business model of collecting all0 contractual cash flows on all its debt securities until maturity. What is the amount of income Lyza Company should recognize related to the bond investment on Dec. 31, 2020?

Q2. On Jan 1, 2020, Amy Co. showed land with carrying amount of P10,000,000 and building with cost of P60,000,000 and accumulated depreciation of P18,000,000. The land and building was revalued on same date and revealed the fair value of land at P15,000,000 and the building at P70,000,000. The original useful life of the building is 20 years and depreciation is computed on straight line. The income tax rate is 30%. What is the annual depreciation for 2020?

Reference no: EM132834484

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