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What is the initial measurement of the bonds payable

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Reference no: EM132968135

Question - On January 1, 2014, TEL Inc. issued a 3-year P2,000,000 bonds payable with annual interest of P10% payable annually every December 31. The principal will be payable at the end of the term. The bonds payable are issued at 110 and TEL incurred P96,917 bond issue cost. The effective interest rate of the bonds payable is 8%. What is the initial measurement of the bonds payable on January 1, 2014?

A. P2,200,000

B. P1,903,083

C. P2,296,917

D. P2,103,083

Reference no: EM132968135

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