On January 1,2021, Fiona Co. sold an office equipment with cost of ₱1,000,000 and accumulated depreciation of ₱150,000 in exchange for a 3-year, 10%, ₱2,000,000 note receivable. Principal is due on December 31. The prevailing interest rate for this type of note is 12%. Based on the above data, answer the following: 1. How much is the gain or loss on sale of office equipment in 2021? a. ₱1,901,730 c. ₱901,730 b. ₱1,051,730 d. ₱1,053,960 2. How much is the interest income for 2021? a. ₱200,000 c. ₱215,847 b. ₱229,054 d. ₱232,643 3. How much is the carrying amount of the note on December 31,2021? a. ₱1,915,834 c. ₱2,000,000 b. ₱1,930,784 d. ₱1,963,395 4. How much is the current portion of the note on December 31,2021? a. Nil c. ₱1,963,395 b. ₱14,950 d. ₱1,930,784 5. How much is the noncurrent portion of the note on December 31,2021? a. Nil c. ₱1,915,834 b. ₱14,950 d. ₱1,930,784
On January 1,2021, Fiona Co. sold an office equipment with cost of ₱1,000,000 and
Based on the above data, answer the following:
1. How much is the gain or loss on sale of office equipment in 2021?
a. ₱1,901,730 c. ₱901,730
b. ₱1,051,730 d. ₱1,053,960
2. How much is the interest income for 2021?
a. ₱200,000 c. ₱215,847
b. ₱229,054 d. ₱232,643
3. How much is the carrying amount of the note on December 31,2021?
a. ₱1,915,834 c. ₱2,000,000
b. ₱1,930,784 d. ₱1,963,395
4. How much is the current portion of the note on December 31,2021?
a. Nil c. ₱1,963,395
b. ₱14,950 d. ₱1,930,784
5. How much is the noncurrent portion of the note on December 31,2021?
a. Nil c. ₱1,915,834
b. ₱14,950 d. ₱1,930,784
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