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On January 1, 2020, Ninong Ry OPC issued 5-year 10%, P10,000,000 for P10,246,744. Interest and principal is payable in equal annual installments every January 1.

On January 1, 2020, Ninong Ry OPC issued 5-year 10%, P10,000,000 for P10,246,744. Interest and principal is payable in equal annual installments every January 1. The yield rate for similar bonds is 9%.

Required: How much is the balance of the unamortized premium as of December 31, 2023?

*Kindly provide explanations and computations. Thanks!

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