Contina Co. owed Maunlad Bank a P3,000,000, three-year, 10% note payable dated January 1, 2012. The interest on the note is payable on December 31 of each year. During 2014, Contina experienced unusual financial difficulties and was unable to pay he principal and interest due on December 31, 2014. On January 1, 2015, Maunlad Bank greed to accept settlement for the entire obligation of P3,000,000 plus the unpaid nterest in 2014 for P120,000 cash plus land with a recorded value of P1,200,000 and fair alue of P1,800,000. Enter your answer
Contina Co. owed Maunlad Bank a P3,000,000, three-year, 10% note payable dated January 1, 2012. The interest on the note is payable on December 31 of each year. During 2014, Contina experienced unusual financial difficulties and was unable to pay he principal and interest due on December 31, 2014. On January 1, 2015, Maunlad Bank greed to accept settlement for the entire obligation of P3,000,000 plus the unpaid nterest in 2014 for P120,000 cash plus land with a recorded value of P1,200,000 and fair alue of P1,800,000. Enter your answer
Chapter3: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 59P
Related questions
Question
pv factor 4 decimal places
final answer 2 decimal places
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT