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Find how much is the interest revenue reported in briza

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Problem 1: Briza Company purchased P8,000,000, 11%, 5-year bonds on April 1, 2016, when the market interest was 10%. The financial instruments meet the business model test and are classified as debt investments at amortized cost. The bonds are purchased at P8,295,000 and pay interest annually on March 31. Briza company uses effective interest method of amortization and its accounting year ends on December 31. How much is the interest revenue reported in Briza Company's statement of comprehensive income for the year ended December 31, 2017?

Reference no: EM132724871

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