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How much accrued interest on the bonds shall michigan

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Question 1: Michigan, Inc. issued P1 million, 12%, 20-year bonds at 102 plus accrued interest on February 1, 2015. The bonds are dated January 1, 2015 and pay interest semi-annually every June 30 and December 31. Transaction costs totaled P50, 000.

How much accrued interest on the bonds shall Michigan collect from the investor on February 1?

a. P 10,000

b. P 20,000

c. P 30,000

d. P 50,000

Question 2: 9. Use the same information given in 1, what is the initial carrying amount of the bonds on February 1, 2015?

a. P 950,000

b. P 970,000

c. P1,000,000

d. P1,020,000

Reference no: EM132577977

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