The corporation was authorized to issue 1,000 ten-year first mortgage bonds (par value 1,000 each) on May 1, 1992. The bond indenture carries among other things the payment of interest at 9% per annum due on May 1 and November 1 of each year. On May 1, 1992, P600,000 of the bonds were sold at 104. The books show that the last recording of interest payment was on November 1, 1997