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Prepare amortization table using effective interest method

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On January 1, 2018, the Wendy's Catering Service purchased three units of baking equipment by issuing a fouryear, non-interest bearing, P3,200,000 note. The note is payable in annual installments of P 800,000. The first installment is due on December 31, 2018. There was no equivalent cash price for the equipment and the note had no ready market. The prevailing interest rate for a note of this type is 9%.

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Question 1: Prepare an amortization table using the effective interest method.

Reference no: EM132974204

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