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How much is the carrying amount of the bonds payable

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Question - On January 1, 2020, Veruska Company issued 3-year bonds with a face amount of P3,000,000 at P106. Additionally, the entity paid a bond issue cost of P30,600.

The nominal rate is 12% and the effective rate after considering bond issue cost is 10%.

The interest is payable annually on December 31. The entity used the effective interest method.                           

Required - How much is the carrying amount of the bonds payable on December 31, 2020?

Reference no: EM133175208

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