The premium on an outstanding 12% P5,000,000 bonds payable was amortized for P46,675 during 2023, resulting to its yearend carrying amount of P5,486,580. 1.How much is the interest expense for 2024? 2 How much is the carrying amount of the bonds as of yearend 2024? 3 .How much are the proceeds assuming the bonds were issued on January 1, 2021?

The premium on an outstanding 12% P5,000,000 bonds payable was amortized for P46,675 during 2023, resulting to its yearend carrying amount of P5,486,580. 1.How much is the interest expense for 2024? 2 How much is the carrying amount of the bonds as of yearend 2024? 3 .How much are the proceeds assuming the bonds were issued on January 1, 2021?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

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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