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On January 1, 2023, Icefrog Company purchased 4,000 of P1,000 face value, 10% bonds of Guinsoo Company for P4,270,600. The bonds will mature on January 1, 2024 pay interest semi-annually on January 1 and July 1. Bonds effective interest rate is 8%. Icefrog Company measures its investment at amortized cost.
Problem 1: In its December 31, 2023 profit or loss, how much should Icefrog Company report as interest income on the bonds?
A. P170,824
B. P169,657
C. P340,481
D. P160,000
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