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How much cash was paid for interest during the year

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Q1. Deidara Inc. owns the following investments:

Investment in equity securities held for trading 600,000

Investment in equity securities measured at fair value through OCI 350,000

Investment in debt securities 470,000

Deidara Inc. has a business model of collecting all contractual cash flows for the interest and principal until maturity for all debt securities. Summer will report investment securities in the non-current section of:

A. Exactly P950,000

B. Exactly P1,070,000

C. Exactly P1,420,000

D. P820,000 or an amount less than P820,000, depending on the circumstances

Q2. Sasori Puppetry uses accrual basis of accounting. Sasori's Interest Expense account had a balance of P50,000 as of December 31, 2021. Accrued Interest Payable account had a balance of P20,000 at the beginning of the year and P30,000 at the end of the year. Meanwhile, Prepaid Interest account had a balance of P25,000 at the beginning of the year and P10,000 at the end of the year. How much cash was paid for interest during the year?

A. 45,000

B. 55,000

C. 75,000

D. 25,000

Reference no: EM133144218

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