MC34 On December 31, 2019, the liability section of Texas Company'sstatement of financial position included bonds payable of P10million and unamortized premium onP180,000. Further verification revealed that these bonds wereissued on December 31, 2017 and will become due on December31, 2027.December 31.bonds payable ofInterest at 12% is payable every June 30 andOn April 1, 2020, Texas retired P4,000,000 of these bonds at 97plus accrued interest.How much was the total amount of cash paid for the retirementof bonds on April 1, 2020?P3,950,000P4,000,000P4,040,000P4,180,000a.b.С.d.

Interest accrued on April 1, 2020 for bonds redeemed = Face value of bonds redeemed x rate of…

MC34 On December 31, 2019, the liability section of Texas Company's statement of financial position included bonds payable of P10 bonds payable of million and unamortized premium on P180,000. Further verification revealed that these bonds were issued on December 31, 2017 and will become due on December 31, 2027. December 31. Interest at 12% is payable every June 30 and On April 1, 2020, Texas retired P4,000,000 of these bonds at 97 plus accrued interest. How much was the total amount of cash paid for the retirement of bonds on April 1, 2020? P3,950,000 P4,000,000 P4,040,000 P4,180,000 a. b. С. d.

MC34 On December 31, 2019, the liability section of Texas Company's statement of financial position included bonds payable of P10 bonds payable of million and unamortized premium on P180,000. Further verification revealed that these bonds were issued on December 31, 2017 and will become due on December 31, 2027. December 31. Interest at 12% is payable every June 30 and On April 1, 2020, Texas retired P4,000,000 of these bonds at 97 plus accrued interest. How much was the total amount of cash paid for the retirement of bonds on April 1, 2020? P3,950,000 P4,000,000 P4,040,000 P4,180,000 a. b. С. d.

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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