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Determine the initial measurement of the bonds

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Reference no: EM133106846

Question - On January 1, 2021, Luke Company issued its 9%, P5,000,000 face value bonds at a premium. The yield rate of the 5 year term bonds that pays interest every June 30 and December 31 was 7%.

Required -

1. Determine the initial measurement of the bonds?

9. Determine the interest expense to be reported in the 2021 income statement?

10. Determine the premium amortization for 2021?

11. Determine the carrying value of the bonds at December 31, 2021?

Reference no: EM133106846

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