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What amount should be reported as bond interest

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Reference no: EM132881030

On January 1, 2016, Carrow Company issued 10% bonds in the face amount of P1,000,000 that mature on January 1, 2026. The bonds were issued for P886,000 to yield 12%, resulting in bond discount of P114,000. The entity used the interest method of amortizing bond discount. Interest is payable on January 1 and July 1.

Problem 1: For the year ended December 31, 2016, what amount should be reported as bond interest?

a. 106,510
b. 100,000
c. 53,160
d. 50,000

Reference no: EM132881030

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