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Find what is carrying value of bonds payable on december

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Problem 1: On December 31, 2014, YEN Inc. issued a 3-year P4,500,000 serial bonds payable with 10% interest payable every December 31 starting in 2015. The P4,500,000 bonds is payable through equal annual installment every December 31. The effective interest rate of the bonds is 8%. The bonds are properly classified at financial liability at amortized cost. What is the carrying value of bonds payable on December 31, 2016?

a. P1,527,778
b. P1,602,351
c. P1,573,091
d. P1,605,871

Reference no: EM132776777

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