On July 1, 2022, bonds of P2,000,000 face amount were Interest on the bonds is payable semiannually on April1 Problem 5-3 (IAA) with face amount of P5,000,000 on April 1, 2021. Interest on the bonds is payable semiannually and October 1. Bonds mature on April 1, 2026. The entire issue was sold on April 1, 2021 at 98 less bond ie cost of P50,000. purchased and retired at 99 plus accrued interest. Required: 1 Prepare journal entries including any adjustment. relating to the issuance of the bonds payable for 202 and 2022. Use memorandum approach and the straight lin method of amortization. 2. Present the bonds payable in the statement of financi. December 31. 2022
On July 1, 2022, bonds of P2,000,000 face amount were Interest on the bonds is payable semiannually on April1 Problem 5-3 (IAA) with face amount of P5,000,000 on April 1, 2021. Interest on the bonds is payable semiannually and October 1. Bonds mature on April 1, 2026. The entire issue was sold on April 1, 2021 at 98 less bond ie cost of P50,000. purchased and retired at 99 plus accrued interest. Required: 1 Prepare journal entries including any adjustment. relating to the issuance of the bonds payable for 202 and 2022. Use memorandum approach and the straight lin method of amortization. 2. Present the bonds payable in the statement of financi. December 31. 2022
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 6PB: Edward Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July 1,...
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