FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Please put all of the necessary data and computations for better understanding. Thanks ?

4. At the beginning of 2020. Wallace Corporation issued 10% bonds with a face value of P900,000. These bonds mature in the five years, and interest is paid semi-annually on June 30 and December 31. The bonds were sold for P833,760 to yield 12%. Wallace uses a calendar-year reporting period. Using the effective – interest method of amortization, what amount of interest expense should be reported for 2020? (Round your answer in the nearest peso).
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Transcribed Image Text:4. At the beginning of 2020. Wallace Corporation issued 10% bonds with a face value of P900,000. These bonds mature in the five years, and interest is paid semi-annually on June 30 and December 31. The bonds were sold for P833,760 to yield 12%. Wallace uses a calendar-year reporting period. Using the effective – interest method of amortization, what amount of interest expense should be reported for 2020? (Round your answer in the nearest peso).
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