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What is the carrying amount of bonds payable on December

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Reference no: EM132824101

Problem - Wally Company has outstanding 7%, 10 year P5,000,000.00 face amount bond. The bond was originally sold to yield 6% annual interest. The entity used the effective interest method to amortize the bond premium. On January 1, 2020 the carrying amount of the bond was P5,250,000.00.

1. What is the carrying amount of bonds payable on December 31, 2020?

2. What amount on premium on bond payable should be reported on Dec. 31, 2020?

Reference no: EM132824101

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