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How much should Otto Company recognize as notes receivable

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Reference no: EM132903670

Question - On January 1, 2021, Otto Company sold goods to Roxy Company. Roxy signed a noninterest-bearing note requiring payment of P600,000 annually for seven years. The first payment was made on January 1, 2021. The prevailing rate at the time of issuance was 10%.

Required -

1. How much should Otto Company recognize as notes receivable on January 1, 2021?

2. How much should Otto Company recognize sales revenue for the month of January 2021?

Reference no: EM132903670

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