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

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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