ted) note payable to First Bank at P8,000,000 and accrued interest On January 1, 2021, Granada Company had an overdue 10% payable of P800,000. As a result of a restructuring agreement on January 1, 202, Birst Bank agreed to the following provisions: • The principal obligation is reduced to P6,000,000. The accrued interest of P800,000 is forgiven. • The date of maturity is extended to December 31, 2024. Annual interest of 12% is to be paid for 4 years every December 31.
ted) note payable to First Bank at P8,000,000 and accrued interest On January 1, 2021, Granada Company had an overdue 10% payable of P800,000. As a result of a restructuring agreement on January 1, 202, Birst Bank agreed to the following provisions: • The principal obligation is reduced to P6,000,000. The accrued interest of P800,000 is forgiven. • The date of maturity is extended to December 31, 2024. Annual interest of 12% is to be paid for 4 years every December 31.
Chapter1: Financial Statements And Business Decisions
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