Reference no: EM132795997
Question - On January 1, 2019, Black Panther, Inc. issued P4,000,000 of 9% bonds, dated January 1 at 97. Interest is payable annually on December 31. The entity paid bond issue cost of P96,000. The bonds mature in five years. The company's financial yearend is December 31.
Note: For interpolation, round-off present value factors to four decimal places. Round off the computed effective interest rate to four decimal places (xx.xx%).
Based on the information above, answer the following:
How much is the carrying amount of the bonds payable as of January 1, 2019?
What is the effective interest rate?
How much is the interest expense for the year ended December 31, 2019?
How much is the carrying amount of the bonds payable as of December 31, 2019?
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