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How much of the carrying value of the note receivable

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Question - On January 1, 2021, Arezzo Company received a 10%, P14,000,000, note collectible in installment plus interest every December 31 of each year until December 31, 2025. The note collectible in principal as follows:

December 31, 2021- P4,000,000

December 31, 2022- P3,500,000

December 31, 2023- P3,000,000

December 31, 2024- P2,500,000

December 31, 2025- P1,000,000

The interest effective on January 1, 2021 is at 14% on December 31, 2021 is at 15%.

How much is the initial present value of the note receivable when received on January 1, 2021?

How much is the carrying value of the note on December 31, 2021?

How much of the carrying value of the note receivable is reported as non-current as of December 31, 2022?

Reference no: EM132997874

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