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How much are the carrying amounts of the interest receivable

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Question - On Jan. 1, 20x1, Steamed Rooster Co. acquired P100,000 face value, 10% bonds for P94,738. The bonds, together with accrued interests, are due on Dec. 31, 20x3. The bonds are measured at amortized cost. The effective interest rate is 12%.

Required -

a. How much are the carrying amounts of the interest receivable on Dec. 31, 20x1 and Dec. 20x2, respectively?

b. How much are the carrying amounts of the investment on Dec. 31, 20x1 and Dec. 20x2, respectively?

c. Prepare all the journal entries.

Reference no: EM133109113

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