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On January 1, 20x1, Athena Co. acquired P1,000,000 face amount, 14% bonds for P1,060,747. The bonds mature in 4 years time but interest is due annually every January 1. The bonds are measured at amortized cost. The effective interest rate is 12%.
Requirements: provide all step by step solutions
Question a. Prepare the amortization table
Question b. Prepare all the journal entries
Question c. How much is the unamortized discount or premim on December 31, 20x2?
Question d. Assume all the bonds were sold on January 1, 20x3 att 110. Transaction costs incurred on sale amounted to P40,000.
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