On January 1, 20x1, ABC Co. received a 3-year, noninterest bearing note of ₱133,100 in exchange for land with carrying amount of ₱100,000. The note is due on December 31, 20x3. The effective interest rate is 10%. How much is the carrying amount of the note on December 31, 20x2? 133,100                                                3. 110,000 121,000                                                4. 100,000

Q: On January 1, 2022. TGIG sold equipment with historical cost of P10,000,000 and accumulated…

A: Carrying amount of the Note = Present value of the annual instalments where, Present value of the…

Q: On January 1, 2019, the Philippines Inc. issued P3,000,000, 12% promissory note for an equipment…

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A: Year Beginning Carrying value Installment paid Interest Expense Principal paid Ending carrying…

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Q: On May 1, 2020, POPS Corporation issued a 5-year, 10%, P 1,000,000 note in exchange of a land with…

A: 1. Annual installment which is payable in the next 12 months from December 31, 2021, and interest…

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Q: LINDT Corporation manufactures and sells electrical generators. On May 31, 2020, it sold an…

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Q: On January 1, 2020, the India Inc. issued P3,000,000, 13% promissory note for an equipment…

A: The carry value will be the interest plus present value of note.

Q: On January 1, 2018, Apple Company sold delivery equipment costing P1,000,000 with accumulated…

A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined…

Q: An investor received a promissory note for $120,000 at an interest rate of 8% on July 15 with…

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Q: 1. How much is the interest income in 20x1? 2. How much is the current portion of the receivable on…

A: 1.Initial measurement of financial instruments :Under IFRS 9, all financial instruments are…

Q: On January 7, 2021, Dang Company discounted its own P100,000, 180 day note at the Bank of the…

A: The effective annual rate (also known as the annual percentage rate) refers to the interest rate…

Q: 1. On january 1, 2021, ABC Company sold merchandise for Php400,000 in exchange for cash of…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: On January 1, 2021, Pindang Co. received a P1,000,000, noninterest bearing note in exchange land…

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Q: On January 1, 2021, Nicaragua Company purchased a machine from Argentina Company amounted to…

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Q: interest expense for the year

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Q: On January 1, 200A, ABC rendered services to XYZ at a price of P450,000. ABC received P500,000…

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Q: RED Corporation

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Q: On April 1, 2020, Dei Delivery Service issued a ₱10,800,000 non-interest bearing note due March 31,…

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A: The question is based on the concept of Financial Management.

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Q: On January 1, 2022, Balance Bar Co. lends Bio Foods $100,000 in exchange for a $100,000, 5-year note…

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A: Concept of interest bearing Note Extinguishment of Loan and interest

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Q: Hot issue company sold its machine with a carrying amount of P2,000,000 in exchange for 2,500,000…

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