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What amount should masion corporation credit to premium

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Question - On May 1, 2021, Masion Corporation issued P2,000,000, 20-year, 10% bonds for P2,120,000. Each P1,000 bond had a detachable warrant eligible for the purchase of one share of Masion's P50 par ordinary share for P60. Immediately after the bonds were issued, Masion's securities had the following market values: 10% bonds without warrants - P1,040; Warrant - P20; Ordinary share, P50 par - P56. What amount should Masion Corporation credit to Premium on Bonds Payable?

a. P120,000

b. P80,000

c. P40,000

d. P0

Reference no: EM133085753

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