Chung Corp. thought of constructing their own building for P40,000,000 which they plan to start and finish until December 31, 2021. Chung made the following payments, based on the construction contract, during 2021. · January 31- P5,000,000 · February 28- P8,000,000 · July 1- P15,000,000 · August 31- P10,000,000 · November 30- P2,000,000 Chung secured a 10%, 4-year noted dated January 1, 2021, specifically intended for the construction. The amount was P20,000,000. Also, the entity had other debts outstanding as follows: · 8%, 6-year note dated December 31, 2019- P18,000,000 · 12%, 7-year noted dated December 31, 2018 - P22,000,000 What is the total cost of the building constructed?
Chung Corp. thought of constructing their own building for P40,000,000 which they plan to start and finish until December 31, 2021.
Chung made the following payments, based on the construction contract, during 2021.
· January 31- P5,000,000
· February 28- P8,000,000
· July 1- P15,000,000
· August 31- P10,000,000
· November 30- P2,000,000
Chung secured a 10%, 4-year noted dated January 1, 2021, specifically intended for the construction. The amount was P20,000,000.
Also, the entity had other debts outstanding as follows:
· 8%, 6-year note dated December 31, 2019- P18,000,000
· 12%, 7-year noted dated December 31, 2018 - P22,000,000
What is the total cost of the building constructed?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
