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How much is the cost of the machinery acquired on January

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Reference no: EM132948153

Question - On January 1, 2017, TalonFlames bought a machine from Blames Co. in lieu of cash payment, TalonFlames gave Blames a 4 year P4,000,000, 15% note payable. Principal is due on December 31, 2020 but interest is due annually every December 31. The prevailing interest rate for this type of note is 10%. (PVF 4 decimal)

1. How much is the cost of the machinery acquired on January 1, 2017.

2. How much is the carrying amount of the note on December 31, 2017.

3. How much is the current portion of the note on December 31, 2017.

4. How much is the carrying amount of the note on December 31, 2017.

Reference no: EM132948153

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