Reference no: EM132838926
Problem - Due to adverse economic circumstances and poor management, Tagaytay Highlands Company had negotiated a restructuring of a 9% P6,000,000 note payable to Second Bank due on January 1, 2020. There was no accrued interest on the note on January 1, 2020.
The bank reduced the principal obligation from P6,000,000 to P5,000,000 and extended the maturity to three years on December 31, 2022.
However, the new interest rate is 13% payable annually every December 31.
The present value of 1 at 9% for three periods is .77 and the present value of an ordinary annuity of 1 at 9% for three periods is 2.53.
Required -
1. Compute the Gain or Loss on Modification for 2020.
2. Compute the Interest Expense on Note Payable on Dec 31, 2020.
3. Compute the Interest Income on Note Payable on Dec 31, 2021.
4. Compute the Carrying Amount of Note Payable on Dec 31, 2022.
5. Journal Entries from 2020 - 2022.
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