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What should be reported as carrying amount of bonds in roger

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Reference no: EM133009512

Problem 1: On July 1, 2002, Roger Co. paid P1,198,000 for 10% 20-year bonds with a face amount of P1,000,000. Interest is paid on December 31 and June 30. The bonds were purchased to yield 8%. Roger uses the effective interest method to recognize interest income from investment. What should be reported as carrying amount of the bonds in Roger's December 31, 2002 balance sheet?

a) P1,207,000

b) P1,198,000

c) P1,195,920

d) P1,193,050

Reference no: EM133009512

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