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How much is the carrying amount of the receivable on Dec

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Problem - Noninterest-bearing note - installment in advance - On January 1, 20x1, Otters Co. received a 3-year, noninterest bearing note of P1,200,000 in exchange for equipment with historical cost of P2,000,000 and accumulated depreciation of P700,000. The note is due in three equal annual installments beginning on January 1, 20x1 and every January 1 thereafter. The effective interest rate is 10%.

Requirements -

a. Prepare the amortization table.

b. How much is the interest income in 20x1?

c. How much is the carrying amount of the receivable on Dec. 31, 20x1?

Reference no: EM132906270

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