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On september 1 20x1 an entity issues bonds with face amount of P 8 000 000 for 9 105 022 including accrued interest. The bonds are dated January 1 20x1 and pay annual interest of 11% every December 31. The effective interest rate is 9%.
Requirements
Problem a. what is the initial carrying amount of the bonds.
Problem b. what is the entry on september 1 20x1 to record the issuance of the bonds.
Problem c. what is the interest expense in 20x1.
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