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On June 1, 2016, ABC Corporation purchased as a long-term investment 4,000 of the P1,000 face value, 8% bonds of DEF Corporation for P3,645,328. Interest is payable semiannually on December 1 and June 1. The bonds mature on June 1, 2022. On November 1, 2017, ABC sold the bonds for a total consideration of P3,925,000. ABC intended to hold these bonds until they matured.
Question 1: The interest income for the year 2016 is
A. P211,612
B. P215,521
C. P212,829
D. P218,850
E. Answer not given
Question 2: The interest income for the year 2017 is
A. P304,748
B. P310,715
C. P311,218
D. P306,608
Question 3: The gain on sale of investment in bonds on November 1, 2017 is
A. P104,045
B. P27,632
C. P21,195
D. P80,235
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