26. On September 1, 2020, an individual taxpayer sold a 6-year term bond investment ofP1,100,000. These bonds bear 6% interest payable every December 31 and were previouslyacquired at P1,000,000 face value on January 1, 2020.The gain on sale will be? * a. P 100,000 O b. P 40,000 c. P 60,000 O d. P1,000,000

26. On September 1, 2020, an individual taxpayer sold a 6-year term bond investment ofP1,100,000. These bonds bear 6% interest payable every December 31 and were previouslyacquired at P1,000,000 face value on January 1, 2020.The gain on sale will be? * a. P 100,000 O b. P 40,000 c. P 60,000 O d. P1,000,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A7
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A4
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