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On january 1 20x1 an entity issues bonds with face amount of P 8 000 000 for P 8 600 000. The bonds mature on December 31, 20x4 and pay annual interest of 11% every December 31. The entity incurs transaction cost of P 81 645. The effective interest rate adjusted for transaction costs is 9%.
Requirement:
Question a. What is the initial carrying amount of the bonds.
Question b. What is net discount or a net premium (includig the effect of the bond issue cost) from the issuance on initial recognition. Question c. Are the periodic interest payments greater than or less than the periodic interest expense? Question d. What are the journal entries during the term of the bonds.
You will note that the Accounting Equation comprises 3 "categories," each of which can be broken down further into accounts. For each of the three main categories of the Accounting Equation, list 5 or more accounts with actual amounts that would ..
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Suppose that two years later costs and prices were falling. Under FIFO, net income and average assets. Calculate the firm's ROI under each cost flow assumption.
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