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What amount should lank report as interest expense

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Problem 1: On January 1, 2020, Lank Co. sold to Day Corp. P400,000 of its 10% bonds for P354,118 to yield 12%. Interest is payable semiannually on January 1 and July 1. What amount should Lank report as interest expense for the six months ended June 30, 2020?

a. 17,706
b. 20,000
c. 21,247
d. 24,000

Reference no: EM132733153

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