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On January 1, 20x1, Hope Co. issued 5-year, 12%, P2,000,000 bonds for P2,151,632. Principal is due at maturity, while interest is due annually every year-end. The effective interest rate is 10%. On July 1, 20x3, Hope Co. retired all the bonds at 102. The retirement price includes payment for the accrued interest. Required: Provide the entries on July 1, 20x3

On January 1, 20x1, Hope Co. issued 5-year, 12%, P2,000,000 bonds for P2,151,632. Principal is due at maturity, while interest is due annually every year-end. The effective interest rate is 10%. On July 1, 20x3, Hope Co. retired all the bonds at 102. The retirement price includes payment for the accrued interest. Required: Provide the entries on July 1, 20x3

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 1, 20x1, Hope Co. issued 5-year, 12%, P2,000,000 bonds for P2,151,632. Principal is due at maturity, while interest is due annually every year-end. The effective interest rate is 10%. On July 1, 20x3, Hope Co. retired all the bonds at 102. The retirement price includes payment for the accrued interest. Required: Provide the entries on July 1, 20x3
Transcribed Image Text:On January 1, 20x1, Hope Co. issued 5-year, 12%, P2,000,000 bonds for P2,151,632. Principal is due at maturity, while interest is due annually every year-end. The effective interest rate is 10%. On July 1, 20x3, Hope Co. retired all the bonds at 102. The retirement price includes payment for the accrued interest. Required: Provide the entries on July 1, 20x3
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