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Prepare entries related to the bonds for the year

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Question - On August 1, 2012, White Co. acquired Black Co. bonds with a face value of P90,000 at 95 plus accrued interest. Interest of 12% per annum is payable semi-annually on April 1 and October 1. The bonds were issued on April 1, 2012. Bonds of P30,000 mature at annual interval beginning April 1, 2013.

Required -

a) Prepare the amortization table following the bond outstanding method.

b) Prepare entries related to the bonds for the year 2012-2014.

Reference no: EM132643698

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