pls prepare journal entries for 2020 and 2021. Also, show solutions and explanations for. the purpose of acquiring land for a building site. TheProblem 24-6 (IAA)Zephyr Company is provided a grant by a foreign governmefor. the purpose of acquiring land for a building sitegrant is a zero-interest loan for 5 years evidenced hupromissory note.The loan was granted on January 1, 2020 for P8,000;000, Themarket rate of interest is 6%. The present value of 1 for fivperiods at 6% is .7473.Required:Prepare journal entries for 2020 and 2021.684

As per the IFRS 9, financial instruments, the interest-free loan is initially recognized at the…

Zephyr Company is provided a grant by a foreign government for. the purpose of acquiring land for a building site. The by a grant is a zero-interest loan for 5 years evidenced promissory note. The loan was granted on January 1, 2020 for P8,000;000. Tha market rate of interest is 6%. The present value of 1 for five periods at 6% is .7473. Required: Prepare journal entries for 2020 and 2021.

Zephyr Company is provided a grant by a foreign government for. the purpose of acquiring land for a building site. The by a grant is a zero-interest loan for 5 years evidenced promissory note. The loan was granted on January 1, 2020 for P8,000;000. Tha market rate of interest is 6%. The present value of 1 for five periods at 6% is .7473. Required: Prepare journal entries for 2020 and 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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