On January 1, 2014, Buknoy Company purchased serial bonds with face value of P3,000,000 and stated 12% interest payable annually every December 31. The bonds are to be held as financial asset at amortized cost with a 10% yield rate. The bonds mature at an annual installment of P1,000,000 every December 31. What is the present value of the serial bonds on January 1, 2014? (Round off the PV factor to two decimal places only) a. P3,106,800 b. P3,060,000 c. P3,045,000 d. P3,149,400

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