6:03 PM3.7KB/s A ll88On August 31, 2020, Cebu PacificCo. issued a 3,000, P1,000, 10%, 5year bonds at 110 including accruedinterest. The bond was datedJanuary 1, 2020. Each bond isentitled of 2 warrants where eachwarrant gives the bondholder theright to purchase 15 shares ofcommon stock, P100 par at P110.On August 31, 2020, the prevailingmarket interest rate for similar debtwithout warrant is 12%.On January 1, 2021, 40% of thewarrant was exercised.Question: On December 31, 2020,the interest expense to berecognized upon payment of annualinterest is:

Data given isOn August 31, 2020;;3000 P1,000 10% 5 Year bonddated January 1,2020 issued at P110…

Answered: August 31, 202O, Cebu Pacific D1 000 %…

Business

Accounting

August 31, 202O, Cebu Pacific D1 000 % 10

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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