A. Based on the above and the result of your audit, answer the following(Round off present value factors to four decimal places and final answers to nearest hundred) 5. The interest income to be recognized in 2022 is C. RECEIVABLESThe Vigan Company included the following in its notes receivable as of December 31, 2022:Note receivable from sale of landNote receivable from consultationP 880,0001,200,0001,600,000Note receivable from sale of equipmentIn connection with your audit, you were able to gather the following transactions during 2022 andother information pertaining to the company's notes receivable:•On January 1, 2022, Vigan Company sold a tract of land. The land, purchased 10 years ago,was carried on Vigan Company's books at a value of P500,000. Vigan received a noninterest-bearing note for P880,000. The note is due on December 31, 2023. There is no readilyavailable market value for the land, but the current market rate of interest for comparablenotes is 10%.• On January 1, 2022, Vigan Company finished consultation services and accepted in exchange apromissory note with a face value of P1,200,000, a due date of December 31, 2024, and astated rate of 5%, with interest receivable at the end of each year. The fair value of theservices is not readily determinable and the note is not readily marketable. Under thecircumstances, the note is considered to have an appropriate imputed rate of interest of __10%.• On January 1, 2022, Vigan Company sold equipment with a carrying amount of P1,600,000to X Company. As, payment, X gave Vigan Company a P2,400,000 note. The note bears aninterest rate of 4% and is to be repaid in three annual installments of P800,000 (plus intereston the outstanding balance). The first payment was received on December 31, 2022. Themarket price of the equipment is not reliably determinable. The prevailing rate of interest fornotes of this type is 14%.QUESTIONS.A. Based on the above and the result of your audit, answer the following (Round off present valuefactors to four decimal places and final answers to nearest hundred)

Here discuss about the details of the notes receivable and its interest income collection for the…

Based on the above and the result of your audit, answer the following(Round off present value factors to four decimal places and final answers to nearest hundred) 5. The interest income to be recognized in 2022 is

Based on the above and the result of your audit, answer the following(Round off present value factors to four decimal places and final answers to nearest hundred) 5. The interest income to be recognized in 2022 is

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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