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How much is the carrying amount of the note on dec

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Reference no: EM133148342

Question - Use the following information for the next five (5) questions: On January 1, 2026, a company acquired inventory with a list price of P1,300,000 and a cash price of P994,760 by issuing P1,200,000, noninterest bearing note payable. Principal is due in three equal payments every December 31 beginning on December 31, 2026. The effective rate of interest interpolated for the cash price is 10%.

Required -

1. How much is the carrying amount of the note on initial recognition?

2. How much is the interest expense on 2026?

3. How much is the carrying amount of the note on Dec 31 2026?

4. How much is the noncurrent portion of the note on Dec 31 2026

5. How much is the current portion of the note on Dec 31 2026?

Reference no: EM133148342

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