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Determine the current portion of the bonds on December

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Question - On January 1, 2016, ABC Co. purchased 10%, P6,000,000 bonds for P5,800,610. Principal on the bonds mature as follows:

December 31, 2016 2,000,000

December 31, 2017 2,000,000

December 31, 2018 2,000,000

Interest is due annually at each year end. The effective interest rate on the bonds is 12%. Determine the current portion of the bonds on December 31, 2017?

Reference no: EM132517306

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