On January 1,2021, Mickey Mouse Corporation sells a Furniture and Fixtures costing P1,500,000 and with accumulated depreciation of P800,000 as of January 1,2021. The company receives 4-year, P600,000 note. The note is a non-interest bearing note and the prevailing rate of interest for a note of this type is 12%. How much is the current portion of the Notes Receivable at the end of December 31, 2021?

On January 1,2021, Mickey Mouse Corporation sells a Furniture and Fixtures costing P1,500,000 and with accumulated depreciation of P800,000 as of January 1,2021. The company receives 4-year, P600,000 note. The note is a non-interest bearing note and the prevailing rate of interest for a note of this type is 12%. How much is the current portion of the Notes Receivable at the end of December 31, 2021?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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