Please answer, needed in 10 minutes 10. On January 1, 20x1, ABC purchased 12% bonds with face amount of P5,000,000 for P5,380,000. The bonds’ effective yield is 10%. The bonds are dated January 1, 20x1, maturing on January 1, 2025 and pay interest annually every December 31, 0f each year. The bonds are quoted at 120 on December 31, 20x1, and 118 on December 31, 20x2. The entity has elected the fair value option for the bond investment. Determine the carrying value of the investment on December 31, 20x2.

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