On January 2, 2020, Zyrus Company sold equipment with a carrying amount of P480,000 in exchange for a P600,000 non-interest bearing note due January 2, 2023. There was no established exchange price for the equipment. The prevailing rate of interest for a note of this type at January 2, 2020 was 10%. The present value of 1 of 10% in three periods is .75 while the present value of ordinary annuity of 1 of 10% in three periods is 2.49. 8. What is the interest income for December 31, 2021? 45,000 49,500 54,450 60,000 A. В. C. D. Computation: 600,00 x .75 = 450,000 x 10% = 45,000 9. December 31, 2021? A. В. C. D. Refer to the information in Question No. 8. What is the carrying value of the note on 600,000 450,000 544,500 495,000

On January 2, 2020, Zyrus Company sold equipment with a carrying amount of P480,000 in exchange for a P600,000 non-interest bearing note due January 2, 2023. There was no established exchange price for the equipment. The prevailing rate of interest for a note of this type at January 2, 2020 was 10%. The present value of 1 of 10% in three periods is .75 while the present value of ordinary annuity of 1 of 10% in three periods is 2.49. 8. What is the interest income for December 31, 2021? 45,000 49,500 54,450 60,000 A. В. C. D. Computation: 600,00 x .75 = 450,000 x 10% = 45,000 9. December 31, 2021? A. В. C. D. Refer to the information in Question No. 8. What is the carrying value of the note on 600,000 450,000 544,500 495,000

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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