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On January 1, 2020, Alaska Corporation purchased P1,000,000 10% bonds for P1,051,510 (including broker's commission...

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Accounting

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On January 1, 2020, Alaska Corporation purchased P1,000,000 10% bonds for P1,051,510 (including broker's 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 entity's December 31, 2020 statement of financial position is O 1.025.330 O 1.035,630 O 1.017.610 01.034.340

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