Reference no: EM132881035
On January 1, 2016, Wolf Company issued 10% bonds in the face amount of P5,000,000, which mature on January 1, 2026. The bonds were issued for P5,675,000 to yield 8%, resulting in bond premium of P675,000. The entity used the interest method of amortizing bond premium. Interest is payable annually on December 31.
Problem 1: On December 31, 2016, what is the adjusted unamortized bond premium?
a. 657,000
b. 629,000
c. 607,500
d. 507,500
Problem 2: What is the carrying amount of bonds payable on December 31, 206?
a. 5,000,000
b. 5,629,000
c. 4,371,000
d. 5,675,000
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