What is the gain or loss on retirement on August » Full Grade
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Question – On December 31, 2016, ABC Corporation issued five- year, non-convertible P10,000,000 face value 12% bonds for a price that yields 10%. Interest is payable every December 31. On August 1, 2018, ABC Corporation retired P4,000,000 of the bonds at 105 plus accrued interest. The accounting period of ABC Corporation is the calendar year.
What is the issue price of the bonds?
What is the interest expense for 2018?
What is the gain or loss on retirement on August 1, 2018?
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