December 31, 2021 at 96. Interest is payable annually White Company issued P8,000,000 12% bonds payable on Problem 5-7 (IAA) December 31. Bond maturity 1,000,000 1,000,000 1,000,000 1,000,000 2,000,000 2,000,000 December 31 2023 2024 2025 2026 2027 2028 8,660,666 Required: a. Prepare a schedule showing the annual amortization of the discount on bonds payable using the bond outstanding method. b. Prepare journal entries for 2021, 2022, 2023 and 2024.

December 31, 2021 at 96. Interest is payable annually White Company issued P8,000,000 12% bonds payable on Problem 5-7 (IAA) December 31. Bond maturity 1,000,000 1,000,000 1,000,000 1,000,000 2,000,000 2,000,000 December 31 2023 2024 2025 2026 2027 2028 8,660,666 Required: a. Prepare a schedule showing the annual amortization of the discount on bonds payable using the bond outstanding method. b. Prepare journal entries for 2021, 2022, 2023 and 2024.

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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