EXERCISE 4-4 On January 1, 2020, Corr Co. purchased a P3,000,000, 12%, five-year bond. The bonds were acquired to yield 14%, and pay interest annually. Corr purchased the bonds solely for the collection of the interest. The fair value of the bonds at the end of each year from 2020 to 2022 is listed below: 97 December 31, 2020 December 31, 2021 December 31, 2022 98 100 1. How much is the initial cost of the debt instrument? 2. Determine the interest income recognized by Corr on the bonds during each year from 2020 to 2022. 3. Prepare an amortization table to show the carrying amount of the bonds at the end of each year from 2020 to 2022