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What amount should Manny credit to premium on bonds payable on May 1, 2020? On May 1, 2020, Manny Company issued P2,000,000, 20-year 10% bonds

What amount should Manny credit to premium on bonds payable on May 1, 2020?

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On May 1, 2020, Manny Company issued P2,000,000, 20-year 10% bonds for P2, 120,000. Each P1,000 bond had a detachable warrant eligible for the purchase of one share of Manny's P50 par ordinary share for P60. Immediately after the bonds were issued, Manny's securities had the following unit fair values: 10% Bond without warrant - P1,040; Warrant - P20; Ordinary share, P50 par - P56

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