Reference no: EM132578892
On January 2, 2015, Ohio Company issued P10 million of 12% bonds for P12, 734,120 due December 31, 2024. Legal and other costs of P50, 000 were incurred in connection with the issue. Interest on the bonds is payable annually each December 31.
Using a financial calculator, the effective interest rate on these bonds was computed to be 8% after considering the bond issue cost of P50,000.
The bonds are callable at 110, and on December 31, 2018, after paying the periodic interest, Ohio called P4,000,000 face amount of the bonds and retired them.
REQUIRED:
Question 1: Determine the following:
(a) Amortization of the premium for the year ended December 31, 2015.
(b) Carrying value of the bonds on December 31,2018.
(c) Gain or loss on retirement of the bonds on December 31, 2018.
(d) Interest expense for the year ended December 31, 2019.
(e) Carrying value of the bonds on December 31, 2019.
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