On December 31, 2019, Magtuba Company finished consultation services and accepted in  exchange a promissory note with a face value of P300,000, a due date of December 31, 2022,  and a stated rate of 5%, with interest receivable at the end of each year. The fair value of the  services is not readily determinable and the note is not readily marketable. Under the  circumstances, the note is considered to have an appropriate imputed rate of interest of 10%. The service revenue to be recognized for the year ended December 31, 2019 is   The carrying amount of the note receivable as of December 31, 2020 is

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Problem 12 

On December 31, 2019, Magtuba Company finished consultation services and accepted in  exchange a promissory note with a face value of P300,000, a due date of December 31, 2022,  and a stated rate of 5%, with interest receivable at the end of each year. The fair value of the  services is not readily determinable and the note is not readily marketable. Under the  circumstances, the note is considered to have an appropriate imputed rate of interest of 10%.

  1. The service revenue to be recognized for the year ended December 31, 2019 is 
  2.  The carrying amount of the note receivable as of December 31, 2020 is 
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