Rafaela Corp. issued a P3,000,000 note for the purchase of equipment bearing interest at 12% per annum. The note is dated June 1, 2023. The note is payable in 3 annual installments of P1,000,000 plus interest on the unpaid balance every June 1. The initial principal and interest payment was made on June 1, 2024. The interest expense for 2024 is 360,000 300,000 310,000 290,000
Rafaela Corp. issued a P3,000,000 note for the purchase of equipment bearing interest at 12% per annum. The note is dated June 1, 2023. The note is payable in 3 annual installments of P1,000,000 plus interest on the unpaid balance every June 1. The initial principal and interest payment was made on June 1, 2024. The interest expense for 2024 is 360,000 300,000 310,000 290,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Rafaela Corp. issued a P3,000,000 note for the purchase of equipment bearing interest at 12% per annum. The note is dated June 1, 2023. The note is payable in 3 annual installments of P1,000,000 plus interest on the unpaid balance every June 1. The initial principal and interest payment was made on June 1, 2024.
The interest expense for 2024 is
The interest expense for 2024 is
360,000
300,000
310,000
290,000
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