Reference no: EM132642826
Questions -
Q1. Carnation Company issued a P2,000,000 12% face value bonds, 10 years, on April 1, 2012 for P1,964,600. The bonds are dated April 1, 2012 with interest payable April 1 and October 1. Bond discount is amortized following scientific method. The effective interest rate is 12.40%.
Required:
a) Prepare entries related to the bonds for the years 2012-2014.
b) What is the total amortization of discount for the year 2014?
c) How much is the interest expense for the year 2012?
Q2. Triple V Corporation was authorized to issue P10,000,000 face value, 10%, 10 year bonds on January1, 2015. Interest on these bonds are payable semi-annually on July 1 and January 1 of each year. P7,000,000 face value bonds were sold on April 1, 2015 at 106. The corporation amortizes premium only at the end of the fiscal year, using the straight-line method. On April 1, 2018 P4,000,000 face value bonds were purchased and retired at 99 plus accrued interest.
Required:
1. Give all the necessary journal entries for the year 2015-2016 including adjustments relating to the bond issuance. (Use memorandum approach.)
2. Give all the necessary journal entries for the year 2018 including adjustments relating to the retirement of the bonds.
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