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Find the gain on sale of investment in bonds on November

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Reference no: EM132600188

Question - 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.

Find the gain on sale of investment in bonds on November 1, 2017?

a. P27,632

b. 21,195

c. P104,045

d. P80,235

e. Answer not given

Reference no: EM132600188

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