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Find what amount should be reported as a current asset

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Problem 1: Shelby Company Ltd. has 8% note receivable dated June 30, 2019 amounting to P1,500,000. Payments of P500,000 in principal plus accrued interest are due annually on July 1, 2020, 2021, and 2022. What is the balance of notes receivable on July 1, 2020?

Problem 2: Using the same data in problem found in Question 1, what amount should be reported as a current asset for interest on the note receivable in the June 30, 2021 statement of financial position?

Reference no: EM132778277

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