On January 1, 200A, ABC rendered services to XYZ at a price of P450,000. ABC received P500,000 5-year promissory note from XYZ to be paid in full on December 200E.
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On January 1, 200A, ABC rendered services to XYZ at a price of P450,000. ABC received P500,000 5-year promissory note from XYZ to be paid in full on December 200E.
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- 15. On January 1, 200A, ABC rendered services to XYZ at a price of P450,000. ABC received P500,000 5-year promissory note from XYZ to be paid in full on December 200E. Assume the use of straight line method to amortized any premium or discount on note receivable, the total amount of income ABC realized from this transaction for 200A would beIf ABC Co. issued a 3-year non-interest bearing note in exchange of an equipment for P 1,000,000, which of the following is correct related to the recognition of the note? (market rate of interest for similar type of notes is 10%) The carrying value of the notes payable at the date of issuance is P 751,314.80. P 100,000 will be credited to discount on notes payable at initial recognition. The equipment account would be debited at the amount of P 1,000,000. P 248,685.20 will be credited to discount on notes payable at initial recognition.On January 1 2020, Machete Company sold land with a carrying amount of P1 500 000 in exchange for a 9 month 10% note with face value of P2 000 000. The 10% rate properly reflects the time value of money for this type of note. On April 1 2020 the entity discounted the note with recourse. The bank discount rate is 12%. The discounting transaction is accounted for as a secured borrowing. On October 1 2020, the make dishonored the note receivable. The entity paid the bank the maturity value of the note plus the protest fee of P10 000. On December 31 2020, the entity collected the dishonored note receivable in full plus 12% annual interest on the total amount due. Required: Prepare journal entries to record the transaction.
- On January 1, 200A, ABC rendered services to XYZ. There is no established selling price for the services yet. ABC received a non-interest bearing P500,000 5-year promissory note from XYZ to be paid in full on December 200E. The market interest rate in the market for instrument with similar characteristics of the instrument held is 9%. At the end of December 200B, the carrying value of the note receivable isIf ABC Co. issued a 3-year non-interest bearing note in exchange of an equipment for P 1,000,000, which of the following is correct related to the recognition of the note? (market rate of interest for similar type of notes is 10%) a.P 100,000 will be credited to discount on notes payable at initial recognition. b.P 248,685.20 will be credited to discount on notes payable at initial recognition. c.The carrying value of the notes payable at the date of issuance is P 751,314.80. d. The equipment account would be debited at the amount of P 1,000,000.On December 31, 2021, Chang Company sold a machine in the ordinary course of business to Door Company in exchange for a noninterest bearing note requiring ten annual payments of P1,000,000. The entity made the first payment on December 31, 2021. The market interest rate for similar notes at date of issuance was 8%. PV of an ordinary annuity of 1 at 8% for 9 periods 6.25 PV of an ordinary annuity of 1 at 8% for 10 periods 6.71 4. What is the carrying amount of the note receivable on December 31, 2022? a. 8,000,000 b. 6,750,000 с. 5,250,000 d. 5,750,000
- On January 1, 2020, CPA Co. sold land with carrying amount of P1,8o00,000 in exchange for a 1o-month, 10% note with face value of P2,000,000. On May 1, 2020, the entity discounted the note with recourse. The bank discount rate is 12%. The discounting transaction is accounted for as a secured borrowing. On November 1, 2020, the maker dishonored the note receivable. The entity paid the bank the maturity value of the note plus protest fee of P10,000. On December 1, 2020, the entity collected the dishonored note receivable in full plus 12% annual interest on the total amount due. How much cash was collected on December 1? (Round off to two decimal places.)On January 1, 2021, VKS Corporation sold goods to IntAcc2 Company. IntAcc2 signed a noninterest-bearing note requiring payment of P600,000 annually for seven years. The first payment was made on January 1, 2021.The prevailing rate of interest for this type of note at date of issuance was 10%.· PV of an ordinary annuity of 1 at 10% for 6 period- 4.36· PV of an ordinary annuity of 1 at 10% for 7 period- 4.87What is the carrying amount of the note receivable on January 1, 2021?On January 1, 2021, CPA Corporation sold goods to IntAcc1 Company. IntAcc1 signed anoninterest-bearing note requiring payment of P600,000 annually for seven years. The firstpayment was made on January 1, 2021. The prevailing rate of interest for this type of note at date of issuance was 10%. PV of an ordinary annuity of 1 at 10% for 6 period- 4.36 PV of an ordinary annuity of 1 at 10% for 7 period- 4.87 What is the carrying amount of the note receivable on January 1, 2021?
- On April 1, 2020 JKL Company discounted with recourse a 9-month, 10% note dated January 1, 2020 with face amount of P6,000,000. The bank discount rate is 12%. The discounting transaction is accounted for as a conditional sale with recognition of contingent liability. On October 1, 2020, the maker dishonored the note receivable. The entity paid the bank the maturity value of the note plus protest fee of P50,000. On December 31, 2020, the entity collected the dishonored note receivable in full plus 12% annual interest on the total amount due. What is the total amount collected from the customer on December 31, 2020?On April 1, 2020 JKL Company discounted with recourse a 9-month, 10% note dated January 1, 2020 with face amount of P6,000,000. The bank discount rate is 12%. The discounting transaction is accounted for as a conditional sale with recognition of contingent liability. On October 1, 2020, the maker dishonored the note receivable. The entity paid the bank the maturity value of the note plus protest fee of P50,000. On December 31, 2020, the entity collected the dishonored note receivable in full plus 12% annual interest on the total amount due. If the discounting is secured borrowing, how much is the interest expense included in the transaction to record transaction cost?On April 1, 2020 JKL Company discounted with recourse a 9-month, 10% note dated January 1, 2020 with face amount of P6,000,000. The bank discount rate is 12%. The discounting transaction is accounted for as a conditional sale with recognition of contingent liability. On October 1, 2020, the maker dishonored the note receivable. The entity paid the bank the maturity value of the note plus protest fee of P50,000. On December 31, 2020, the entity collected the dishonored note receivable in full plus 12% annual interest on the total amount due. What amount was received from the note receivable?
