Please answer the following:

1. White Corporation issues P500, 000 of 9% bonds, due in 10 years with interest payable semi annually. At the time of issue the market rate for such bonds is at 10%. Compute the issue price of the bonds.

2. Blue Corporation issued a 10 year bonds on January 1, 2019. Costs associated with the bond issuance were P1, 600,000. Blue Corporation uses the straight line method to amortize bond issue costs. Prepare the December 31, 2019 entry to record the 2019 bond issue cost amortization.

3. Green Corporation issued a P4, 000,000 of 6% bonds on May 1, 2019. The bonds were dated January 1, 2019, and mature January 1, 2024, with interest payable July and January. The bonds were issued at face value plus accrued interest. Prepare Green's journal entries for (a) the May issuance (b) the July 1 interest payment (c) December 31 adjusting entry.

4. On January 1, 2019, Black Corporation issued P6, 000,000 of 7% bonds, due in 10 years. The bonds were issued for P5, 592,240, and pays interest each July 1 and January 1 Black Corporation uses the effective interest method. Prepare the company's journal entries for (a) January issuance (b) the July 1 interest payment (c) the December 31 adjusting entry. Assume an effective interest rate of 8%

5. On January 1, 2019, Violet Corporation retired P5, 000,000 of bonds at P99. At the time of retirement, the unamortized premium was P150, 000 and unamortized bond issue costs were P52, 500. Prepare the journal entry to record the reacquisition of the bonds.

Below are two independent situations

1. On January 1, 2019, LSS Company issued a P3, 000,000 of 9% 10 year bonds at par value. Interest payable quarterly on April 1, July 1, October 1, and January 1.

2.On June 1, 2019, Burgundy Corporation issued a P2, 000,000 of 12% bonds dated January 1 at par plus accrued interest. Interest is payable semi-annually on July 1 and January 1.

Instructions:

For each of these two independent situations, prepare journal entries to record the following:

(a) the issuance of bonds

(b) the payment of interest on July 1

(c) the accrual of interest on December 31

Foreman Corporation issued P800, 000 of 10% 20 year bonds on January 1, 2019, at P102. Interest is payable semi annually on July 1 and January 1. Foreman Company uses the straight line method of amortization for bond premium or discount.

Help me to prepare the journal entries to record the following:

(a) The issuance of the bonds

(b) The payment of interest and the related amortization on July 1, 2019

(c) The accrual of interest and the related amortization on December 31, 2019.