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Determine the carrying amount of note receivable on december

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Reference no: EM132672914

Gullible company is a dealer in equipment. On December 31, 2019, the entity sold an equipment in exchange for a noninterest bearing note requiring five annual payments of P500,000. The first payment was made on December 31, 2020. The market interest for similar notes was 8%.

Required:

Problem 1. Prepare journal entries for 2019 and 2020.

Problem 2. Determine the carrying amount of the note receivable on December 31, 2020.

Problem 3. Determine the interest income for 2021.

Reference no: EM132672914

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