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What the loss on retirement ignoring taxes is

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Question 1: The 12% bonds payable of Nyman Co. had a carrying amount of P832,000 on December 31, 2016. The bonds, which had a face value of P800,000, were issued at a premium to yield 10%. Nyman uses the effective-interest method of amortization. Interest is paid on June 30 and December 31. On June 30, 2017, several years before their maturity, Nyman retired the bonds at 104 plus accrued interest. The loss on retirement, ignoring taxes, is?

Question 2: On January 1, Martinez Inc. issued P3,000,000, 11% bonds for P3,195,000. The market rate of interest for these bonds is 10%. Interest is payable annually on December 31. Martinez uses the effective-interest method of amortizing bond premium. At the end of the first year, Martinez should report bonds payable of:

Reference no: EM132628337

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