On January 1, 2020, Alaska Corporation purchased P1,000,000 10% bonds for P1,051,510 (including brokers commission...
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Accounting
On January 1, 2020, Alaska Corporation purchased P1,000,000 10% bonds for P1,051,510 (including brokers commission of P20,000). Interest is payable annually every December 31. The bonds mature on December 31, 2022. The prevailing market rate for the bonds is 9% at December 31, 2020.
If the bonds are classified as FA@AC, the amount to be reported on the entitys December 31, 2020 statement of financial position is
Group of answer choices
P1,017,610
P1,035,630
P1,025,330
P1,034,340
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