Reference no: EM132957187
Question - On July 1, 2017, Cody Company paid P1,198,000 of 10%, 20-year bonds with a face amount of P1,000,000. Interest is paid on June 30 and December 31. The bonds were purchased to yield 8%. The effective interest method is used to recognize interest income from this long-term investment.
1. What is the entry on July 1, 2017?
2. What is the entry on December 31, 2018?
3. What is the entry on June 30, 2018?
4. What is the amount of interest received on December 31, 2019?
5. What is the amount of interest revenue on December 31, 2019?
6. What is the amount of interest revenue on December 31, 2020?
7. What is the carrying amount of Investment in DS on December 31, 2020?
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