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How much is the current portion of receivable on December

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Question - On January 1, 20x1, ABC Co. sold transportation equipment with a historical cost of 20,000,000 and accumulated depreciation of 7,000,000 in exchange for cash of 500,000 and a noninterest-bearing note receivable of 8,000,000 due in 4 equal annual installments starting on December 31, 20x1 and every December 31 thereafter. The prevailing rate of interest for this type of note is 12%. How much is the current portion of the receivable on December 31, 20x1?

Reference no: EM132886825

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