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Find what amount should be reported as note receivable

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On December 31, 2020, Elisha Company sold a machine in exchange for a noninterest bearing note requiring ten annual payments of P400,000. The first payment was made on December 31, 2020. The market interest rate for similar notes at date of issuance was 8%.

Period             Present value of 1 at 8%             Present value of ordinary annuity of 1 at 8%
9                      0.50                                                      6.25
10                       0.46                                                     6.71

Problem 1: On December 31, 2020, what amount should be reported as note receivable?

Reference no: EM132691057

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