Reference no: EM132881032
On January 1, 2016, West Company issued 9% in the face amount of P5,000,000, which mature on January 1, 2026. The bonds were issued for P4,695,000 to yield 10%.
Interest is payable annually on December 31. The entity used the interest method of amortizing bond discount.
Problem 1: What is the interest expense for 2016?
a. 450,000
b. 469,500
c. 422,550
d. 500,000
Problem 2: On December 31, 2016, what is the carrying amount of the bonds payable?
a. 4,695,000
b. 4,714,500
c. 4,704,750
d. 5,000,000
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