pany carrying exchange interest bearing note of P5,000,000 requiring ten annual payments of P500,000. The first payment was made on December 31, 2020. The market interest for similar note was 12%. The present value of an ordinary annuity of 1 at 12% is 5.65 for ten periods and 5.33 for nine periods. What is the carrying amount of the note receivable on December 31, 2019? (A P4,500,000 (B P2,825,000 P2,665,000 P5,000,000

pany carrying exchange interest bearing note of P5,000,000 requiring ten annual payments of P500,000. The first payment was made on December 31, 2020. The market interest for similar note was 12%. The present value of an ordinary annuity of 1 at 12% is 5.65 for ten periods and 5.33 for nine periods. What is the carrying amount of the note receivable on December 31, 2019? (A P4,500,000 (B P2,825,000 P2,665,000 P5,000,000

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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