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What amount should Lucban report as bonds payable

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Question - On January 2, 2020, Lucban Company issued 9% bonds in the amount of P10,000,000 which mature on January 2, 2030. The bonds were issued for P9,390,000 to yield 10% resulting in a bond discount of P610,000. Interest is payable annually on December 31. Lucban uses the effective interest method of amortizing bond discount. In its December 31, 2020 statement of financial position, what amount should Lucban report as bonds payable?

Reference no: EM132884838

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