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How much is the interest expense should nebraska report

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Question - On January 1, 2021, Nebraska Company issued a 3-year bond with face value of P1,500,000 and a 9% stated rate. The bonds mature on January 1, 2024 and interest is payable annually on December 31. The bonds are issued with an effective yield of 10%. The company also paid bond issue costs. Because of the bond issue costs, the adjusted effective rate is 11%.

Required -

1. How much is the interest expense should Nebraska report in its December 31, 2022 Income statement?

2. How much is the carrying value of the bonds in its December 31, 2022 statement of financial position?

Reference no: EM133169451

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