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Make amortization schedule using effective interest method

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Innovative Company manufactures and sells electrical generators. On January 1, 2019, the entity sold an electrical generator costing P700,000 for P1,000,000. The buyer paid P100,000 down and signed a P900,000 noninterest bearing note payable in three equal installments every December 31. The prevailing interest rate for a note of this type is 12%. The present value of an ordinary annuity of 1 for three periods is 2.4018.

Problem 1: Make an amortization schedule using effective interest method.

Problem 2: Prepare journal entries for 2019,2020 and 2021.

Reference no: EM132840858

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