Reference no: EM132935474
Questions -
Q1) 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?
-1,350,000
-1,392,869
-1,373,129
-1,382,999
Q2) On January 1, 2019, Im Yoon-ah Co. acquired 20,000 ordinary shares out of the 100,000 outstanding ordinary shares of Seohyun Inc. for P5,000,000. Seohyun's assets and liabilities approximate their fair values except for inventories with carrying amount of P600,000 and fair value of P650,000, machinery with carrying amount of P1,000,000 and fair value of P1,500,000 and land with carrying amount of P1,500,000 and fair value of P1,200,000. The remaining useful life of the machinery is 10 years. Seohyun's net assets have a book value of P12,000,000. On December 31, 2019, Seohyun reported net income of P8,000,000 and declared and paid dividends of P2,000,000. How much is the carrying amount of the investment as of December 31, 2019?
-6,210,000
-6,180,000
-6,190,000
-6,200,000
Q3) The cash account in the current asset section of the balance sheet of BTS Company consist of: Petty cash fund (of which P1,200 is in the form of paid vouchers)- P5,000; Bond sinking fund- P100,000; Receivables for employees- P6,000; Checking account in Hybe Bank, per bank statement (including checks outstanding of P3,100)- P243,000; Currencies and coins awaiting deposit- P52,000; Deposit in bank closed by Central Bank- P60,000. The correct cash account balance for the balance sheet is:
-P295,700
-P298,800
-P460,000
-P267,800