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Question - On January 1, 2020, Entity A issues convertible bonds with a maturity of five years. The issue is for a total of 1,000 convertible bonds. Each bond has a par value of P1,000, a stated interest rate is 5% per year, and is convertible into 5 ordinary shares of Entity A. The convertible bonds were issued to Entity O at par. The per-share price for an Entity A share is P15. Quotes for similar bonds issued by Entity A without a conversion option (i.e., bonds with similar principal and interest cash flows) suggest that they can be sold for P900,000.
Required - Compute the carrying amount of bonds payable on Entity A's books as of December 31, 2020?
a. P882,680
b. P1,000,000
c. P938,085
d. P917,320
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