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Compute for the effective interest rate

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Question - On March 2, 2020, , VWX Co. received authorization to issue P6,000,000, 5-year bonds with interest of 12% per annum, payable every Mar.20d. The bonds were issued at 103.5% (net of bond issue cost) on the same date. The company will use the amortized cost method.

1. Compute for the effective interest rate. Carry computations up to the three decimal places.

2. Prepare a premium amortization table. Carry computations to the nearest whole peso.

3. Prepare the 2020 entries including year-end adjustments (Dec. 31) and a compound closing entry.

Reference no: EM133057696

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