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Find carrying value of the franchise at december

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Reference no: EM132744655

Pozon Corporation purchased a franchise for an initial franchise fee of P3,744,000 on January 1, 2005. The franchise is granted for definite period of 15 years. The agreement provided the following terms and condition:

a. 720,000 down payment upon signing of contract of January 1, 2005.

b. The balance is payable in 6 equal payments starting December 31, 2005 and is evidenced by a 12% interest bearing note.

Problem a. Amortization of franchise for the year 2005

Problem b. Carrying value of the franchise at December 31, 2005

Problem c. Interest expense for the year 2005

Reference no: EM132744655

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