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Compute the interest revenue

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Question - On January 1, 2017, Jaypee Company purchased bonds with face amount of P1,000,000. The entity paid P700,000 plus transaction cost of P80,000.

The bonds mature on December 31, 2021 and pay 3%(for 6 months) interest semi-annually on June 30 and Dec. 31 respectively with 8% annual effective interest.

The bonds are quoted as follows:

Dec. 31, 2017 P102

Dec. 31, 2018 P103

Dec. 31, 2019 P104

Dec. 31, 2020 P105

Dec. 31, 2021 P106

Required - Compute the following:

1. Interest revenue for 2017, 2018, 2019, 2020, 2021.

2. Unrealized gain for 2017, 2018, 2019, 2020, 2021.

3. Interest collected for 2017, 2018, 2019, 2020, 2021.

4. Cumulative gain for 2017, 2018, 2019, 2020, 2021.

Reference no: EM132979408

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