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On January 2, 2021, Santos Company invested in a 4-year, 10% bond with face value of P6,000,000 in which interest is to be paid every
On January 2, 2021, Santos Company invested in a 4-year, 10% bond with face value of P6,000,000 in which interest is to be paid every December 31. The bond has an effective interest rate of 9% and was acquired at prevailing rate of interest. On December 31, 2021, the bond has fair value of P6,229,862, which is based on prevailing rate of interest of 8.5%. Assume that on the date of acquisition the debt investment was designated as investment at FVTOCI but reclassified on January 1, 2022 due to changes in business model as investment at amortized cost, at what amount should the investment account be reported in December 31, 2022 financial statement
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