Please answer number 10 (include excel if needed) 8. On January 1, 20x1, POTENT POWERFUL Co. issued 12% bonds with face amount of P4,000,000 forP4,303,264. The bonds mature in five years and pay annual interest every year-end. The effectiveinterest rate is 10%. On July 1, 20x3, POTENT called-in the entire bonds and retired them at 102, whichis inclusive of payment for accrued interest. How much is the gain (loss) on the extinguishment of thebonds?a. 328,897b. (328,896)c. (118,948)d. 118,9489. On January 1, 20x1, TIPSY UNSTEADY Co. issued 10%, P12,000,000 bonds for P11,601,220. Principalon the bonds matures in three equal annual installments. Interest is also due annually at each year-end.The effective interest rate on the bonds is 12%. How much is the carrying amount of the bonds onDecember 31, 20x1?a. 7,844,635b.7,793,366c. 7,683,343d. 7,543,34110. On December 31, 20x1, CONFLAGRATION LARGE FIRE Co. agreed to the following modification ofits existing liability:• The principal remained unchanged at P20,000,000.• The repayment of the accrued interest of P600,000 was waived.The maturity date was extended from December 31, 20x2 to December 31, 20x4.The stated rate was reduced from 12% to 10%.Interest is payable annually at each year-end. The original effective interest rate is 12%. CONFLAGRATIONCo. incurred costs of P200,000 which were directly attributable to the restructuring. The costs were paid tothird parties. How much is the gain (loss) on the extinguishment of the debt?a. (1,360,732)b. 1,360,732c. (200,000)d. 0

The gain/loss on extinguishment of the debt is the excess of the present value of the benefits on…

ry 1, 20x1, POTENT POWERFUL Co. issued 12% bonds with face amount of P4,00 4. The bonds mature in five years and pay annual interest every year-end. The e ate is 10%. On July 1, 20x3, POTENT called-in the entire bonds and retired them at 102 ve of payment for accrued interest. How much is the gain (loss) on the extinguishmer 6) c. (118,948) d. 118,948 ry 1, 20x1, TIPSY UNSTEADY Co. issued 10%, P12,000,000 bonds for P11,601,220. P nds matures in three equal annual installments. Interest is also due arnually at each ye tive interest rate on the bonds is 12%. How much is the carrying amount of the bo

ry 1, 20x1, POTENT POWERFUL Co. issued 12% bonds with face amount of P4,00 4. The bonds mature in five years and pay annual interest every year-end. The e ate is 10%. On July 1, 20x3, POTENT called-in the entire bonds and retired them at 102 ve of payment for accrued interest. How much is the gain (loss) on the extinguishmer 6) c. (118,948) d. 118,948 ry 1, 20x1, TIPSY UNSTEADY Co. issued 10%, P12,000,000 bonds for P11,601,220. P nds matures in three equal annual installments. Interest is also due arnually at each ye tive interest rate on the bonds is 12%. How much is the carrying amount of the bo

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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