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What amount should be credited to equity on january

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Question - On January 1. 2021, a company issued P3,000,000, 3-year, 10% bonds for P3,500,000. Interest payable is due annually December 31, beginning December 31. 2021. The bonds mature on January 1, 2024. The bonds can be converted to 40 ordinary shares with par value of 50 for every P3000 bonds. The bonds without the conversion privilege will yield at 12%.

On January 1, 2021, what is the present value of the bonds without the conversion privilege?

What amount should be credited to equity on January 1, 2021?

Assume the all bonds were converted on December 31, 2022, what should be the credit to share premium issuance?

Reference no: EM133157676

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