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On January 1, 2019, Roselia Co. issued 10%, P12,000,000 bonds for P11,601,220. Principal on the...

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Accounting

On January 1, 2019, Roselia Co. issued 10%, P12,000,000 bonds for P11,601,220. Principal on 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 on December 31, 2019?

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