Question 36 3 pts On January 1, 2008, P5,000,000, 5-year, 10% bonds, were issued for P4,850,000. Interest is paid semiannually on January 1 and July 1. If the issuing corporation uses the straight-line method to amortize discount on bonds payable, the monthly amortization amount is O 30,000. O 29,040 O 2,420 O 2,500 Question 40 3 pts Silcon Company issued P800,000 of 6%, 10-year bonds on one of its interest dates for P690,960 to yield an effective annual rate of 8%. The effective-interest method of amortization is to be used. The journal entry on the first interest payment date, to record the payment of interest and amortization of discount will include a O debit to Bond Interest Expense for P64,000 O credit to Discount on Bonds Payable for P7,277. O credit to Cash for P55,277 O debit to Bond Interest Expense for P48,000