Diamond Company borrowed P500,000 from Bank Two on January 1, 2007 in order to expand its mining capabilities. The five-year note required annual payments of P130,218 and carried an annual interest rate of 9.5%. What is the amount of expense Diamond must recognize on its 2008 income statement? Group of answer choices 35,129 31,037 39,642 47,500

Diamond Company borrowed P500,000 from Bank Two on January 1, 2007 in order to expand its mining capabilities. The five-year note required annual payments of P130,218 and carried an annual interest rate of 9.5%. What is the amount of expense Diamond must recognize on its 2008 income statement? Group of answer choices 35,129 31,037 39,642 47,500

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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