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Compute the balance of notes receivable

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Question - Literal Company manufactures and sells electrical generators. On January 1, 2020, the entity sold an electrical generator costing P700,000 for P1,000,000. The buyer paid P100,000 down and signed a P900,000 noninterest-bearing note payable in three equal installments every December 31.

The prevailing interest rate for a note of this type i2 12%. The present value of an ordinary annuity of 1 for three periods is 2.4018.

Required -

1. Prepare an amortization table.

2. Prepare journal entries for the year 2020.

3. Compute the balance of notes receivable net of unearned interest income for the year-end 2021.

Reference no: EM132868302

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