In October 2020, United Corporations obtain a loan amounting to US$120,000 for the purchase of machinery and equipment. By the end of the year, one-half of the loan was still unpaid and a ten percent decrease has taken place. If the foreign loan payable account is correctly reported in the balance sheet at P2,970,000, the rate of exchange at the time of the loan was obtained was must have been:
In October 2020, United Corporations obtain a loan amounting to US$120,000 for the purchase of machinery and equipment. By the end of the year, one-half of the loan was still unpaid and a ten percent decrease has taken place. If the foreign loan payable account is correctly reported in the balance sheet at P2,970,000, the rate of exchange at the time of the loan was obtained was must have been:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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In October 2020, United Corporations obtain a loan amounting to US$120,000 for the purchase of machinery and equipment. By the end of the year, one-half of the loan was still unpaid and a ten percent decrease has taken place. If the foreign loan payable account is correctly reported in the
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