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How much is the initial carrying value of the bond

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Question - On January 1, 2020, Marimar Company issued 10,000 of its 12%, P1,000 face value 5-year bonds at 105. Interest on the bonds is payable annually every December 31. In connection with the sale of these bonds, Marimar paid the following expenses:

Promotion costs P100,000

Engraving and printing 400,000

Underwriter's commissions 500,000

Required - How much is the initial carrying value of the bond?

Reference no: EM132859013

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