FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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On November 1, 2021, Mason Company issued P8,000,000 of its 10 year, 8% term bonds dated October 1, 2021. The bonds were sold to yield 10% with total proceeds of P7,000,000 plus accrued interest. Interest is paid every February 1 and August 1. Mason Company reports on a fiscal year ending every July 31 and amortizes premiums, discounts and bond issue costs using the
- On July 31, 2022, what amount should be reported as bonds liability?
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