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What is the net cash received from the bond issuance

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Question - MIRANDA CO. issued 10,000 of its 8% bonds with P750 face value of at 97 plus accrued interest on August 31, 2020. The bonds are dated January 1, 2020 and mature in December 31, 2030. Interest is payable semiannually on the first of January and June. MIRANDAA CO. paid P350,000 for issuing the bonds. How much should the bonds payable be initially recorded? What is the net cash received from the bond issuance?

Reference no: EM132854948

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