On January 1, 2021, a company-issued serial bonds with a face value of P3,000,000 and...
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Accounting
On January 1, 2021, a company-issued serial bonds with a face value of P3,000,000 and a stated rate of 12%. Interest is payable annually every December 31. The bonds were issued to yield 10%. The bonds mature at an annual installment of P1,000,000 every December 31. How much is the carrying value of the bonds on December 31, 2021?
(Round off PV factor to 4 decimal places. Round off final answer to the nearest peso.)
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