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How will the notes payable and the interest payable be

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Reference no: EM132974200

On May 1, 2018, the JFC Company issued a 9% promissory note with a face value of P 6,949,800, for a piece of land. The principal and interest, compounded annually, are due on April 30,2021.

Question 1. Compute the interest expense for years 2018, 2019, and 2020.

Question 2. How will the Notes Payable and the Interest Payable be shown on December 31, 2019 statement of financial position? On December 31, 2020 statement of financial position?

Question 3. Prepare entries relating to the foregoing for years 2018 through 2021. Prepare adjusting entries only at year-end, December 31.

Reference no: EM132974200

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