The initial amount of the note receivable
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15. On January 1, 200A, ABC Company sells to XYZ, a used transportation equipment, which was acquired at P800,000, 5 years ago. The carrying value of the equipment is P500,000. There is no established selling price for the equipment. Upon executing the sale, ABC received P100,000 down payment and a non-interest bearing promissory note which gives the holder the right to collect 150,000 annually starting December 200A until December 200C, when the interest rate prevailing in the market is 11%. The initial amount of the note receivable
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- On January 1, 200A, ABC Company sells to XYZ, a used transportation equipment, which was acquired at P800,000, 5 years ago. The carrying value of the equipment is P500,000. There is no established selling price for the equipment. Upon executing the sale, ABC received P100,000 down payment and a non-interest bearing promissory note which gives the holder the right to collect 150,000 annually starting December 200A until December 200C, when the interest rate prevailing in the market is 11%. At the end of December 200A, the carrying value of the noncurrent portion of note receivable is (Round off the resulting present value of the note to the nearest hundreds.)On January 1, 200A, ABC Company sells to XYZ, a used transportation equipment, which was acquired at P800,000, 5 years ago. The carrying value of the equipment is P500,000. There is no established selling price for the equipment. Upon executing the sale, ABC received P100,000 down payment and a non-interest bearing promissory note which gives the holder the right to collect 150,000 annually starting December 200A until December 200C, when the interest rate prevailing in the market is 11%. At the end of December 200A, the carrying value of the current portion of note receivable is (Round off the resulting present value of the note to the nearest hundreds.)On January 1, 200A, ABC Company sells to XYZ, a used transportation equipment, which was acquired at P800,000, 5 years ago. The carrying value of the equipment is P500,000. There is no established selling price for the equipment. Upon executing the sale, ABC received P100,000 down payment and a non-interest bearing promissory note which gives the holder the right to collect 150,000 annually starting December 200A until December 200C, when the interest rate prevailing in the market is 11%. The initial amount of the note receivable is
- On January 1, 200A, ABC Company sells to XYZ, a used transportation equipment, which was acquired at P800,000, 5 years ago. The carrying value of the equipment is P500,000. There is no established selling price for the equipment. Upon executing the sale, ABC received P100,000 down payment and a 12% promissory note which gives the holder the right to collect 150,000 annually starting December 200A until December 200C, when the interest rate prevailing in the market is 13%. The initial amount of the note receivable is (Round off the resulting present value of the note to the nearest hundreds.)On January 1, 200A, ABC Company sells to XYZ, a used transportation equipment, which was acquired at P800,000, 5 years ago. The carrying value of the equipment is P500,000. There is no established selling price for the equipment. Upon executing the sale, ABC received P100,000 down payment and a 12% promissory note which gives the holder the right to collect 150,000 annually starting December 200A until December 200C, when the interest rate prevailing in the market is 13%. At the end of December 200A, the carrying value of the noncurrent portion of note receivable is. On January 1, 200A, ABC Company sells to XYZ, a used transportation equipment, which was acquired at P800,000, 5 years ago. The carrying value of the equipment is P400,000. There is no established selling price for the equipment. Upon executing the sale, ABC received P100,000 down payment and an 11% 3 year promissory note amounting to P450,000, when the interest rate prevailing in the market is 10%. The initial amount of the note receivable is (Round off the resulting present value of the note to the nearest hundreds.)
- 9. On January 1, 200A, ABC Company sells to XYZ, a used transportation equipment, which was acquired at P800,000, 5 years ago. The carrying value of the equipment is P400,000. There is no established selling price for the equipment. Upon executing the sale, ABC received P100,000 down payment and an 11% 3 year promissory note amounting to P450,000, when the interest rate prevailing in the market is 10%. At the end of December 200B, the carrying value of the noncurrent note receivable is (Round off the resulting present value of the note to the nearest hundreds.) 10. On January 1, 200A, ABC Company sells to XYZ, a used transportation equipment, which was acquired at P800,000, 5 years ago. The carrying value of the equipment is P500,000. There is no established selling price for the equipment. Upon executing the sale, ABC received P100,000 down payment and a non-interest bearing promissory note which gives the holder the right to collect 150,000 annually starting December 200A until…On January 1, 200A, ABC Company sells to XYZ, a used transportation equipment, which was acquired at P800,000, 5 years ago. The carrying value of the equipment is P400,000. There is no established selling price for the equipment. Upon executing the sale, ABC received P100,000 down payment and an 11% 3 year promissory note amounting to P450,000, when the interest rate prevailing in the market is 10%. At the end of December 200B, the carrying value of the noncurrent note receivable is (Round off the resulting present value of the note to the nearest hundreds.)On January 1, 200A, ABC Company sells to XYZ, a used transportation equipment, which was acquired at P800,000, 5 years ago. The carrying value of the equipment is P400,000. There is no established selling price for the equipment. Upon executing the sale, ABC received P100,000 down payment and an 11% 3 year promissory note amounting to P450,000, when the interest rate prevailing in the market is 12%. At the end of December 200A, how much is the total amount of income that should be shown in ABC’s income statement. Round off the resulting present value of the note to the nearest hundreds.
- Solving. On January 1, 200A, ABC Company sells to XYZ, a used transportation equipment, which was acquired at P800,000, 5 years ago. The carrying value of the equipment is P500,000. There is no established selling price for the equipment. Upon executing the sale, ABC received P100,000 down payment and a 12% promissory note which gives the holder the right to collect 150,000 annually starting December 200A until December 200C, when the interest rate prevailing in the market is 13%. At the end of December 200A, the carrying value of the current portion of note receivable is (Round off the resulting present value of the note to the nearest hundreds.)On January 1, 200A, ABC Company sells to XYZ, a used transportation equipment, which was acquired at P800,000, 5 years ago. The carrying value of the equipment is P400,000. There is no established selling price for the equipment. Upon executing the sale, ABC received P100,000 down payment and an 11% 3 year promissory note amounting to P450,000, when the interest rate prevailing in the market is 12%. At the end of December 200A, the carrying value of the note receivable is (Round off the resulting present value of the note to the nearest hundreds.)On June 1, 200A, ABC Company sells to XYZ, 5 used factory equipment, each of which was acquired at P20,000, 3 years ago. The carrying value of each equipment is P5,000. The selling price of each equipment is P5,200. Upon executing the sale, ABC received P6,000 down payment and a 11% 1 year promissory note for the balance. At the end of December 200A, how much is the total amount of income that should be shown in ABC’s income statement.