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What is the present value of the bonds payable on january

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Reference no: EM133171877

Question - Related data of John-j Company:

Face amount P2,550,000

Nominal rate 12%

Effective rate 14%

Date of issue January 1, 2021

Annual payment every December 31 P850,000 (Principal and interest)

Interest is payable annually every December 31

The entity used 3 decimal places for the PVF.

Required -

1. What is the present value of the bonds payable on January 1, 2021?

2. What is the present value of the bonds payable on December 31, 2021?

3. Amortization table.

4. What are the related journal entries (Year 1)?

Reference no: EM133171877

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