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What amount of discount is amortized for the year ended

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Problem - On January 1, 2019, Julie Company issued 3-year bonds with face amount of P5,000,000 at 98. Additionally, Julie Company paid bond issue cost of P140,000. The nominal rate is 10% and the effective rate is 12%. The interest is payable annually on December 31. The effective interest method is used in amortizing discount and issue cost. What amount of discount is amortized for the year ended December 31, 2019?

Reference no: EM132947849

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