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How much is the issue price of bonds on January

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Question - On January 1, 2016, Pharaoh Company issued 3-year bonds with a face value of P1,200,000 and stated interest of 8% per year. The bonds matures in 3 equal annual payments installments every December 31. The interest is also payable every December 31. The bonds acquired to yield 10%. The bonds were appropriately classified as financial liability at amortized cost.

Required -

How much is the issue price of bonds on January 1, 2016?

How much is the interest expense for 2016?

Reference no: EM132919419

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