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What is the amount of interest income to be recognized

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Problem 1: Queen Corporation acquired P300,000, 8%, 5-year bonds on January 1, 2019, for P312,600 plus accrued interest to be held as FAAC. Interest is paid semiannually on March 1 and September 1. If the corporation uses the straight-line method of amortization of bond discount or premium, what is the amount of interest income to be recognized for the year ended December 31, 2019?

Reference no: EM132901159

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