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Find what acer company should report interest revenue

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Acer Company purchased P4,000,000 of 10% bonds of Samsung Company on January 1, 2016, paying P3,761,000. The bonds mature January 1, 2024; interest is payable each July 1 and January 1. The discount of P239,000 provides an effective yield of 11%. Acer Company uses the effective-interest method appropriately carries this debt investment at amortized cost.

Problem 1: For the year ended December 31, 2016, Acer Company should report interest revenue from the Samsung bonds of

Reference no: EM132727781

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