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Prepare an amortization schedule using effective interest

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On January 1, 2019, Brutal Company sold land with a carying amount of P7,000,000 in exchange for P9,000,000 noninterest beaing note due January 1,2022. There are no established exchange prices for the land. The prevailing interest rate for this note on January 1,2019 was 10%. The present value of 1 at 10% for three periods is 0.75.

Problem a: Prepare an amortization schedule using effective interest method.

Reference no: EM132840839

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