n April 2, 2020, Lucan Company issued 9% bonds in the amount of P10,000,000 which mature on April 2, 2030. The bonds were issued for P9,390,000 to yield 10% resulting in a bond discount of P610,000. Interest is payable annually on April 2. Lucan uses the effective interest method of amortizing bond discount. The interest expense for the year 2022 amounted to
n April 2, 2020, Lucan Company issued 9% bonds in the amount of P10,000,000 which mature on April 2, 2030. The bonds were issued for P9,390,000 to yield 10% resulting in a bond discount of P610,000. Interest is payable annually on April 2. Lucan uses the effective interest method of amortizing bond discount. The interest expense for the year 2022 amounted to
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 4EB: Chung Inc. issued $50,000 of 3-year bonds on January 1, 2018, with a stated rate of 4% and a market...
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On April 2, 2020, Lucan Company issued 9% bonds in the amount of P10,000,000 which mature on April 2, 2030. The bonds were issued for P9,390,000 to yield 10% resulting in a bond discount of P610,000. Interest is payable annually on April 2. Lucan uses the effective interest method of amortizing bond discount.
The interest expense for the year 2022 amounted to?
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