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What is the interest income for that year

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Problem 1: On April 30, 2020, ABC acquired an investment in bonds which has a face value of P5,000,000 and pays 9% interest due every April 30 and Oct. 30 until Oct. 30, 2024. It paid P4,822,305 inclusive of transaction fees of P11,804. The resulting effective interest rate on this transaction is 10%. It accounted the investment as a financial asset at amortized cost. If on Nov. 30, 2021, ABC sold the investment, what is the interest income for that year?

Reference no: EM132835338

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