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On January 1, 2015, the Blue Sapphire Corporation issued P8, 000,000 bonds. The bonds pay interest annually at 12% on the outstanding bond balance. The face value of the bonds is payable in installments of P2, 000,000 every December 31, starting December 31, 2015. The bonds were sold at a price that yields 8%.
REQUIRED:
Question (a) Determine the issue price of the bonds on January 1, 2015.
Question (b) Determine the Premium on bonds payable on December 31,2016.
Question (c) Carrying value of bonds payable on December 31, 2017.
Question (d) Determine the interest expense recognized for 2015.
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