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What is the carrying amount of bonds payable on December

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Reference no: EM132823986

Question - Webb Company had an outstanding 7%, 10-year P5,000,000 face value bond. The bond was originally sold to yield 6% annual interest. The entity used the effective interest method to amortize bond premium. On January 1, 2015, the carrying amount of the bond payable was P5,250,000. What is the carrying amount of bonds payable on December 31, 2015?

a. 5,000,000

b. 5,215,000

c. 5,250,000

d. 4,785,000

Reference no: EM132823986

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