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What interest expense is to be reported on December

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Question - B Company issued, in a private placement with an investment house, P3,000,000 face value of three-year, 16% bonds. Interest is payable semiannually on June 30 and December 31 of each year. It was called on June 30, 2017. The bonds were issued on January 1, 2015 at a price yielding the entity P2,738,682 which represents an effective interest cost of 20% per year.

1. What interest expense is to be reported on December 31, 2016?

a. 273,868

b. 277,255

c. 280,981

d. 285,079

e. None of the choices

2. What interest expense is to be reported on December 31, 2017?

a. 285,079

b. 289,586

c. 294,545

d. 584,132

e. None of the choices

Reference no: EM132780780

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