"Ace Company issued P100,000 face of 6%, 10 year-bonds, with interest payable semi-annually. Ace uses straight-line method of amortization. The assumed price is P95,000. Ace Company's journal entry on the first semi-annual interest payment would include:" O DEBIT of: Discount on Bonds Payable of P250. O CREDIT of: Discount on Bonds Payable of P250

"Ace Company issued P100,000 face of 6%, 10 year-bonds, with interest payable semi-annually. Ace uses straight-line method of amortization. The assumed price is P95,000. Ace Company's journal entry on the first semi-annual interest payment would include:" O DEBIT of: Discount on Bonds Payable of P250. O CREDIT of: Discount on Bonds Payable of P250

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 14MC: Whirlie Inc. issued $300,000 face value, 10% paid annually, 10-year bonds for $319,251 when the...

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