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Boy should record the sale in January 2019 at

Boy should record the sale in January 2019 at

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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On January 1, 2019, Boy Company sold a machine to Gray Company. Gray signed a non-interest-bearing note requiring payment of P30,000 annually for seven years. The first payment was made on January 1, 2019. The prevailing rate of interest for this type of note at date of issuance was 10%. Information on present value factors is as follows: Present value of Present value of Periods ordinary annuity of 1 at 10% 1 at 10% 56 4.36 7 .51 4.87 Boy should record the sale in January 2019 at O P130.800 O P146,100 O P160,800 O P107,100
Transcribed Image Text:On January 1, 2019, Boy Company sold a machine to Gray Company. Gray signed a non-interest-bearing note requiring payment of P30,000 annually for seven years. The first payment was made on January 1, 2019. The prevailing rate of interest for this type of note at date of issuance was 10%. Information on present value factors is as follows: Present value of Present value of Periods ordinary annuity of 1 at 10% 1 at 10% 56 4.36 7 .51 4.87 Boy should record the sale in January 2019 at O P130.800 O P146,100 O P160,800 O P107,100
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