Reference no: EM132676300
Questions -
Q1. On December 31, 2020, ABC Co. had outstanding 12%, P5,000,000 face value bonds maturing on December 31 2023. Interest was payable semiannually every June 30 and December 31. On December 31, 2020, after amortization was recorded for the period, the unamortized bond discount and bond issue cost were P500,000 and P300,000, respectively. On that date ABC acquired all its outstanding bond on the open market at 98 and retired them. At December 31 2020, what amount should ABC recognize as pretax loss on early extinguishment of bonds?
Q2. GREENTREE COMPANY acquires a new manufacturing equipment on January 1, 20x6, on instalment basis. The deferred payment contract provides for a down payment of P300,000 and an 8-year note for P3,104,160. The note is to be paid in 8 equal annual instalment payments of P388,020, including 10% interest. The payments are to be made on December 31 of each year, beginning December 31, 20x6. The equipment has a cash price equivalent of P2,370,000. GREENTREE's financial year-end is December 31. Determine the carrying value of note payable at December 31, 2017.
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