FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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On January 1, 2021, Jackie Company issued P8,000,000 8% eight-year bonds. Similar bonds had an effective rate of 8.8%. On yearend, the bonds had a market value quotation of 88. Jackie opted to measure the bonds at fair value.
- How much is the net effect of bonds on the 2021 Statement of Comprehensive Income? [Indicate whether it is a gain or loss]
- How much is the discount/premium amortization during 2022? [Indicate whether it is a discount or premium]
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