On January 1, 2006, Naruto Company issued 5,000 of its 9%, P1,000 face value bonds at 95.  Interest is payable semiannually on July 1 and January 1.  The bonds mature on January 1, 2016.  Naruto uses the straight line method of amortizing bond discount.  On Naruto’s December 31, 2006 balance sheet, how much would be shown as the carrying amount of the bonds payable?

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A: 1.

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A:

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A: Solution Given Face value 8000000 Life 10 year Coupon rate 8% Market rate…

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A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…