On January 1, 2021, Jackie Company issued at 76 (gross of issuance costs of P46,260), 6% bonds which required interest payments of P450,000 every December 31 for 5 years.  1 How much is the interest expense for 2021?   2 How much is the carrying amount of the bonds as of December 31, 2022?   3 How much is the discount amortization during 2023?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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On January 1, 2021, Jackie Company issued at 76 (gross of issuance costs of P46,260), 6% bonds which required interest payments of P450,000 every December 31 for 5 years. 
1 How much is the interest expense for 2021?
 
2 How much is the carrying amount of the bonds as of December 31, 2022?
 
3 How much is the discount amortization during 2023?
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