Reference no: EM132927855
Question - On January 1, 2018, Amlan Co. acquired machinery from Tanjay Co. In lieu of cash payment Amlan gave Tanjay a 4-year, 15% P4,000,000, interest-bearing note. Principal is due in equal payments starting December 31, 2018. Interest is also payable every December 31. The prevailing rate of interest for this type of note is 10%.
Based on the above data, answer the following: (Carry all decimal places in computing for the present value)
1. How much is the cost of the machinery acquired on January 1, 2018?
2. How much is the interest expense for 2018?
3. How much is the carrying amount of the note on December 31, 2018?
4. How much is the current portion of the note on December 31, 2018?
5. How much is the noncurrent portion of the note on December 31, 2018?
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