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Prepare journal entry for both firms during term to maturity

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Reference no: EM132815581

On February 1, 2022, Speedy Motors issued 9%, P 80 Million bonds, dated February 1. The bonds will mature on January 31, 2026. The market rate for bonds of similar risks and maturity was 10%. Interest is paid semiannually on July 31and January 31. Glean Industries acquired P 80,000 of the bonds as long term investment. The financial year of both firms end December 31.

Question 1: Determine the price of the bonds at issuance date.

Question 2: Prepare an amortization schedule for both firms during the term to maturity

Question 3: Prepare Journal entries for both firms during the term to maturity

Reference no: EM132815581

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