48. Assume the following: Face Amount of bonds 5,000,000 Issue price 4,700,000 Date of issue April 1, 2020 Date of bonds April 1, 2020 Interest rate 12% Semiannual interest payment dates April 1 and October 1 The bonds mature on April 1 of each year at the rate of P1,000,000. Assume bond outstanding method for discount amortization. Compute the interest expense for 2021. 49. The issue price of the bonds on January 1, 2020 * For items 49 and 50 On January 1, 2020, Sincerity Company issued 5,000 of its 5-year, P1,000 face value, 11% bonds dated January 1 at an effective annual interest rate of 9%. Interest is payable annually cach December 31. Sincerity uses the effective interest method of amortization. On December 31, 2021, the 2,000 bonds were extinguished early through acquisition in the open market by Sincerity for P1,980,000 plus accrued interest 45. Compute the gain on early retirement of bonds. * For items 45 and 46 On March 1, 2020, Perseverance Company issued bonds with face amount of P5,000,000 for P4,730,000. The bonds are dated March 1, 2020 and mature in 5 years and pay 12% interest semiannually on March 1 and September 1. The straight line method of amortization is used by the company On July 1, 2023, bonds with face amount of P1,000,000 were retired at 96. 46. Discount amortization for 2023* For items 45 and 46 On March 1, 2020, Perseverance Company issued bonds with face amount of P5,000,000 for P4,730,000. The bonds are dated March 1, 2020 and mature in 5 years and pay 12% interest semiannually on March 1 and September 1. The straight line method of amortization is used by the company. On July 1, 2023, bonds with face amount of P1,000,000 were retired at 96. 47.Loyalty Company issued bonds with face amount of P5,000,000 at 105. Subsequently, the entity reacquired P2,000,000 face amount to be places in the treasury at 103. At the time of the reacquisition, the unamortized premium balance is P200,000, and accrued interest on the treasury bonds is P30,000 which is paid in cash. What is the carrying amount of bonds payable after the acquisition of treasury bonds