PECAN Company issued ₱10,000,000 face value bonds at 95 plus accrued interest on March 1, 2021. PECAN Company paid bond issue cost of ₱1,000,000. The bonds were dated November 1, 2020, mature on November 1, 2025, and bear interest at 12% payable semiannually on November 1 and May 1. What amount did PECAN receive from the bond issuance? A. ₱ 8,900,000 B. ₱ 9,500,000 C. ₱ 8,700,000 D. ₱ 8,500,000

PECAN Company issued ₱10,000,000 face value bonds at 95 plus accrued interest on March 1, 2021. PECAN Company paid bond issue cost of ₱1,000,000. The bonds were dated November 1, 2020, mature on November 1, 2025, and bear interest at 12% payable semiannually on November 1 and May 1. What amount did PECAN receive from the bond issuance? A. ₱ 8,900,000 B. ₱ 9,500,000 C. ₱ 8,700,000 D. ₱ 8,500,000

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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