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Question - LALISA Company issued P2,000,000 8% serial bonds on December 31, 2016, to be repaid in the amount of P400,000 each year. Interest is payable annually on December 31. The bonds were issued to yields 10% a year. The bond proceeds were P1,902,800 based on the present value at December 31, 2016 of five annual payments as follows:
Due dates
Principals
Interest
12/31/17
400,000
160,000
12/31/18
128,000
12/31/19
96,000
12/31/20
64,000
12/31/21
32,000
The company uses the effective method in amortizing bond premium or discount.
Required - Based on the above, determine the following:
1. Determine the amortization of discount for 2017?
2. Determine the carrying value of the bonds payable as of December 31, 2017?
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