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On December 31, 2015, African Company sold an equipment with carrying amount of P2,000,000 and received a noninterest-bearing note requiring payment of P500,000 annually for ten years. The first payment is due December 31, 2016.
Problem 1. On December 31, 2015, what is the carrying amount of the note receivable?
a. 5,000,000
b. 2,175,000
c. 1,610,000
d. 2,825,000
Problem 2. What is the gain on sale of equipment to be recognized in 2015?
a. 3,000,000
c. 825,000
d. 0
Problem 3. What amount of interest income should be recognized for 2016?
a. 600,000
b. 339,000
c. 319,800
d. 300,000
Problem 4. What is the carrying amount of the note receivable on December 31, 2016?
a. 2,325,000
b. 4,500,000
c. 2,825,000
d. 2,664,000
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