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3-year, P900,000 receivable due as follows 0. On Jan. 1, 20x1, Parya Co. rece note noninterest-bearing P400,000 on Dec. 31, 20x1, P300,000 on Dec. 31, 20x2, and P200,000 on Dec. 31, 20x3. The prevailing rate of interest f this type of note is 10%. How much is the carrying amount of the receivable on Dec. 31, 20x1? c. 376,345 d. 428,346 b. 438,016 a. 467,354

3-year, P900,000 receivable due as follows 0. On Jan. 1, 20x1, Parya Co. rece note noninterest-bearing P400,000 on Dec. 31, 20x1, P300,000 on Dec. 31, 20x2, and P200,000 on Dec. 31, 20x3. The prevailing rate of interest f this type of note is 10%. How much is the carrying amount of the receivable on Dec. 31, 20x1? c. 376,345 d. 428,346 b. 438,016 a. 467,354

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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10. On Jan. 1, 20x1, Parya Co. received a 3-year, P900,000 receivable due as follow note noninterest-bearing P400,000 on Dec. 31, 20x1, P300,000 on Dec. 31, 20x2, and P200,000 on Dec. 31, 20x3. The prevailing rate of interest for this type of note is 10%. How much is the carrying amount of the receivable on Dec. 31, 20x1? c. 376,345 d. 428,346 b. 438,016 a. 467,354
Transcribed Image Text:10. On Jan. 1, 20x1, Parya Co. received a 3-year, P900,000 receivable due as follow note noninterest-bearing P400,000 on Dec. 31, 20x1, P300,000 on Dec. 31, 20x2, and P200,000 on Dec. 31, 20x3. The prevailing rate of interest for this type of note is 10%. How much is the carrying amount of the receivable on Dec. 31, 20x1? c. 376,345 d. 428,346 b. 438,016 a. 467,354
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