Aloha Co. received the following note: Face amount P 1,000,000 Effective interest 18% Stated interest 0% The note is due in four equal annual installments. The first installment is due on December 31, 2021. The interest income to be recognized in the statement of financial performance for the year 2022 is _______? . Do not round off your present value factors but round off your
Aloha Co. received the following note: Face amount P 1,000,000 Effective interest 18% Stated interest 0% The note is due in four equal annual installments. The first installment is due on December 31, 2021. The interest income to be recognized in the statement of financial performance for the year 2022 is _______? . Do not round off your present value factors but round off your
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 1PA: On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10%...
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On January 1, 2021, Aloha Co. received the following note:
Face amount P 1,000,000
Effective interest 18%
Stated interest 0%
The note is due in four equal annual installments. The first installment is due on December 31, 2021. The interest income to be recognized in the statement of financial performance for the year 2022 is _______? . Do not round off your present value factors but round off your final answer to two decimal places.
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