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Explain the effects of the note payable on the statement

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On January 1, 2020, Triple Company issued an 8% note with a principal amount of P5,000,000 payable at the end of three years. Transactions costs of P80,000 were incurred on the issuance. The note was measured at fair value. The fair value of the note on December 31, 2020 was 92, P100,000 of the decrease is attributable to credit risk.

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Question 1: Explain the effects of the note payable on the 2020 Statement of Comprehensive Income.

Reference no: EM132974213

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