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8. White Company issued P8,000,000 12% bonds on December 31, 2020 at 96. Interest is payable annually on December 31. Bond maturity December 31

8. White Company issued P8,000,000 12% bonds on December 31, 2020 at 96. Interest is payable annually on December 31. Bond maturity December 31 2022 2023 2024 2025 2026 2027 1,000,000 1,000,000 1,000,000 1,000,000 2,000,000 2,000,000 8,000,000 Required: a. Prepare a schedule showing the annual amortization of the bond discount using the bond outstanding method. b. Prepare journal entries from 2020 to 2023.

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