Danica Corporation sold one of its buildings on January 1, 2007 for P20,000,000. Danica received a cash down payment of P5,000,000 and a 5-year, 10% note for the balance of P15,000,000. The note is payable in equal annual payments of principal and interest of P3,957,000 payable on December 31 of each year until the year 2011. What amount is to be reported as current notes receivable on December 31, 2008? A. 2,457,000 B. 2,702,700 C. 2,972,970 D. 3,000,000

Danica Corporation sold one of its buildings on January 1, 2007 for P20,000,000. Danica received a cash down payment of P5,000,000 and a 5-year, 10% note for the balance of P15,000,000. The note is payable in equal annual payments of principal and interest of P3,957,000 payable on December 31 of each year until the year 2011. What amount is to be reported as current notes receivable on December 31, 2008? A. 2,457,000 B. 2,702,700 C. 2,972,970 D. 3,000,000

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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