GAMAY Corporation sold a machine on July 1, 2021. The cash price of the machine is P79,000. The buyer signed a deferred payment contract that provides for a down payment of P10,000 and an 8 year note bearing interest at 10%. The note is to be paid in 8 equal annual payments. The payments are made on June 30 of each year, beginning June 30, 2022. 39. The accrued interest receivable
GAMAY Corporation sold a machine on July 1, 2021. The cash price of the machine is P79,000. The buyer signed a deferred payment contract that provides for a down payment of P10,000 and an 8 year note bearing interest at 10%. The note is to be paid in 8 equal annual payments. The payments are made on June 30 of each year, beginning June 30, 2022. 39. The accrued interest receivable
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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GAMAY Corporation sold a machine on July 1, 2021. The cash price of the machine is
P79,000. The buyer signed a deferred payment contract that provides for a down
payment of P10,000 and an 8 year note bearing interest at 10%. The note is to be
paid in 8 equal annual payments. The payments are made on June 30 of each year,
beginning June 30, 2022.
39. The accrued interest receivable as of December 31, 2021 in this note is:
40. The total interest to be earned over the life of the note is:
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