Minor error in Illustrative Problem 8.
Interest Expense on PBO must be equal to P 200,000. It should be base on PBO, beginning. I accidentally used the FVPA, end as the basis. Apologies for this.

This video is useful for College students and CPA Aspirants taking up courses: Intermediate Accounting, Conceptual Framework and Accounting Standards, Auditing Problems, and Financial Accounting and Reporting.