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What amount should be reported as bond interest expense

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Problem 1: On January 1, 2020, Marsh Company issued 10% bonds payable in the face amount of P6,000,000. The bonds mature on January 1, 2023. The bonds were issued for P5,316,000 to yield 12%, resulting in bond discount of P684,000. The entity used the effective interest method of amortizing bond discount. Interest is payable January 1 and July 1. For the six months ended June 30, 2020, what amount should be reported as bond interest expense?

Reference no: EM132743795

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