3. Terry Company is authorized to issue P5,000,000 of 6%, 10- year bonds dated July 1, 2011 with interest payments on June 30 and December 31. When bonds are issued on November 1, 2011, Terry Company received cash of P5,150,000 (excluding interest). a. What is the discount or premium from the issuance of the bonds payable? Indicate whether discount/premium. b. How much is the total interest expense for the whole life of the bond?

3. Terry Company is authorized to issue P5,000,000 of 6%, 10- year bonds dated July 1, 2011 with interest payments on June 30 and December 31. When bonds are issued on November 1, 2011, Terry Company received cash of P5,150,000 (excluding interest). a. What is the discount or premium from the issuance of the bonds payable? Indicate whether discount/premium. b. How much is the total interest expense for the whole life of the bond?

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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