Question: PLEASE ANSWER WITH SOLUTION ASAP THANKS On May 1, 2022, Barcelona Company issued a five-year P2,000,000 face value bonds with stated rate of 16%. The

PLEASE ANSWER WITH SOLUTION ASAP THANKS On May 1, 2022, Barcelona

PLEASE ANSWER WITH SOLUTION ASAP THANKS

On May 1, 2022, Barcelona Company issued a five-year P2,000,000 face value bonds with stated rate of 16%. The bonds were issued to yield 14%. Interests are payable semi-annually on May 1 and November 1. Barcelona Company uses the calendar year and the effective interest method of amortization. Present value of 1 at 7% for 10 periods is 0.5084. Present value of an ordinary annuity of 1 at 7% for 10 periods is 7.0236. What is the bond interest expense for the year 2022

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