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On January 1, 2023, Resilient & Tough Company purchased bonds with a face amount of PS for P4,692,570 to yield 10%. The bonds are dated January 1, 2023, mature on December 31, 2032, anc pay interest annually on December 31. The entity used the effective interest method. What amount sho be reported as interest revenue for 2023? a. 422,331 b. 450,000 469,257 d. 500,000

On January 1, 2023, Resilient & Tough Company purchased bonds with a face amount of PS for P4,692,570 to yield 10%. The bonds are dated January 1, 2023, mature on December 31, 2032, anc pay interest annually on December 31. The entity used the effective interest method. What amount sho be reported as interest revenue for 2023? a. 422,331 b. 450,000 469,257 d. 500,000

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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17. On January 1, 2023, Resilient & Tough Company purchased 9% bonds with a face amount of P5,000,000 for P4,692,570 to yield 10%. The bonds are dated January 1, 2023, mature on December 31, 2032, and pay interest annually on December 31. The entity used the effective interest method. What amount should be reported as interest revenue for 2023? a. 422,331 b. 450,000 469,257 d. 500,000
Transcribed Image Text:17. On January 1, 2023, Resilient & Tough Company purchased 9% bonds with a face amount of P5,000,000 for P4,692,570 to yield 10%. The bonds are dated January 1, 2023, mature on December 31, 2032, and pay interest annually on December 31. The entity used the effective interest method. What amount should be reported as interest revenue for 2023? a. 422,331 b. 450,000 469,257 d. 500,000
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