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What is the carrying amount of bonds payable on december

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On January 1, 2017 an entity issued 10 year bond with face amount of P5,000,000 for P5,775,000. The entity paid bond issue cost of P100,000 on the same date. The stated interest rate on the bonds is 10% payable annually every December 31. The bonds have an 8% yield per annum after considering the bond issue cost. The entity used the effective interest method of amortizing bond premium.

Question 1: What is the interest expense for 2017?

Question 2: What is the carrying amount of the bonds payable on December 31, 2017?

Reference no: EM132518345

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