question archive On March 1, 2018, Cain Company issued at 103 plus accrued interest 4,000 of 9%, P1,000 face value bonds

On March 1, 2018, Cain Company issued at 103 plus accrued interest 4,000 of 9%, P1,000 face value bonds

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On March 1, 2018, Cain Company issued at 103 plus accrued interest 4,000 of 9%, P1,000 face value bonds. The bonds are dated January 1, 2018 and mature on January 1, 2028.

Interest is payable semiannually on January 1 and July 1. The entity paid bond issue cost of P200,000.

What is the net cash received from the bond issuance? ‘

a. 4,320,000

b.  4,180,000

c.  4,120,000

d.   3,980,000

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