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Can Please Help Me: Intermediate Accounting 2 45 minutes only the given time. Wish you could help me. I will give UPVOTE. On January 1,

Can Please Help Me: Intermediate Accounting 2

45 minutes only the given time. Wish you could help me.

I will give UPVOTE.

image text in transcribed

On January 1, 20x1, Faith Co. Issued 1,000, P2,000, 12% bonds for P2,206,168. Principal is due on December 31, 20x3, While interest is due annually every year-end. Faith Co. incurred transaction costs of P106,694 on the issuance, the effective interest rates are 8% before adjustment for transaction costs and 10% after adjustment for transaction costs. Required: Provide the journal entries over the life of the bonds

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