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What is the interest income to be reported for the year

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The Raymore Company acquired 10-year bonds on January 1, 2019 to be held as FAAC. The 15% bonds have a face value of P1,000,000 and pay interest every January 1 and July 1. The bonds were sold for P1,172,050 based on the market interest rate of 12%. Raymore uses the effective-interest method to amortize bond discounts and premiums.

Problem 1: What is the interest income to be reported for the year ended December 31, 2019?

Problem 2: What is the carrying amount of the bonds on December 31, 2019?

Problem 3: What is the carrying amount of the bonds on December 31, 2020?

Reference no: EM132901167

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