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How much is the interest expense for each year

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Reference no: EM132974210

On January 1, 2020, Jackie Company issued a 10% interest-bearing note with a principal amount of P2,500,000.

The principal is payable in five equal instalments every December 31 along with the interest on the outstanding balance. Similar notes have a market rate of interest at 12%.

Required

Question 1. How much is the interest expense for each year?

Question 2. How much is the carrying amount of the note as of every yearend?

Reference no: EM132974210

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