How much is the carrying amount of the notes

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Problem - On September 1, 2019, CNblue Co. received P1,350,000 3-year note receivable from EXO Bank. The note bears interest at 12% and is payable on maturity date. Interest is payable annually. On this date, the bank's market rate was 11%. The first annual payment for interest was made on September 1, 2020. How much is the carrying amount of the notes as of September 1, 2020?

Reference no: EM132934979

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