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Prepare journal entries assuming entity uses straight line

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On March 1, 2020, Lisbon Company issued 10,000 of its P1 000 face value bonds at 95 plus accrues interest. Lisbon Company paid bond issue cost of P1 000 000. The bonds were dated November 1, 2029 and bear interest at 12% payable semiannually on November 1 and May 1.

required:

Problem 1: prepare journal entries for 2020 and 2021 assuming the entity uses straight line method of amortization.

Problem 2: present the bonds payable on December 31, 2021

Reference no: EM132776427

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