Lemon Inc. had an outstanding 7%, 10-year bond payable with face amount of P5,000,000. The bond was originally sold to yield 6% annual interest. The entity used the effective interest method to amortize bond premium. On January 1, 2019, the carrying amount of the bond payable was P5,250,000.   What is the premium amortization for 2019? A. 10,000 B. 25,000 C. P35,000

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