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What total income should be reported

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Question - On January 1, 2020 Steven Company purchased 15% bonds with face value of P4,550,000 for P5,250, The bonds provide an effective yield of 10%. The bonds are dated January 1, 2020, mature on January 1, 2026 and pay interest annually on December 31, 2020. The bonds are quoted at 120 on December 31, 2020. The entity has selected the fair value option for the bond investment. What total income should be reported for 2020?

Reference no: EM133068435

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