On January 1, 2019, the Philippines Inc. issued P3,000,000, 12% promissory note for an equipment purchased. The note is to be paid on December 31, 2020. Interest is payable annually. The effective interest at the time of issuance of this note is 13%. (Use 4-decimal places for the PV factor) How much is the amount of equipment to be recorded on January 1, 2019?
On January 1, 2019, the Philippines Inc. issued P3,000,000, 12% promissory note for an equipment purchased. The note is to be paid on December 31, 2020. Interest is payable annually. The effective interest at the time of issuance of this note is 13%. (Use 4-decimal places for the PV factor) How much is the amount of equipment to be recorded on January 1, 2019?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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On January 1, 2019, the Philippines Inc. issued P3,000,000, 12% promissory note for an equipment purchased. The note is to be paid on December 31, 2020. Interest is payable annually. The effective interest at the time of issuance of this note is 13%. (Use 4-decimal places for the PV factor)
How much is the amount of equipment to be recorded on January 1, 2019?
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