On January 1, 2019, Fri Company issued P4,000,000 maturity value, 12% bonds for P4,000,000 cash. The bonds are dated December 31, 2018 and mature on December 31, 2028. Interest will be paid semi-annually on June 30 and December 1. What amount of accrued interest payable should Jujuki report in its September 30, 2019 balance sheet? a. P320,000 c. P120,000 b. P360,000 d. P240,000

On January 1, 2019, Fri Company issued P4,000,000 maturity value, 12% bonds for P4,000,000 cash. The bonds are dated December 31, 2018 and mature on December 31, 2028. Interest will be paid semi-annually on June 30 and December 1. What amount of accrued interest payable should Jujuki report in its September 30, 2019 balance sheet? a. P320,000 c. P120,000 b. P360,000 d. P240,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 1MC

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