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Question - On January 1, 2020, Ngaleng Company sold machinery costing P8,000,000 with accumulated depreciation of P2,800,000. In consideration for the sale, Ngaleng received cash of P400,000 and a non-interest-bearing note receivable of P4,000,000 due in 4 equal installments of P1,000,000 starting December 31, 2020. The prevailing interest rate for a note of this type is 12%. The present value of an ordinary annuity for four periods at 12% is 3.037349.
1. How much is the carrying amount of the note on initial recognition?
a. P2,542,072
b. P3,037,349
c. P635,518
d. P4,000,000
e. P2,711,961
2. How much is the loss on sale of machinery?
a. P2,162,651
b. P2,657,928
c. P1,762,651
d. P2,257,928
e. P800,000
3. How much is the interest income for 2020?
a. P364,482
b. P387, 319
c. P341,655
d. P480,000
e. P0
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