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Question - On January 1, 2018, Napoleon Company sold goods to Snowball Company, Snowball signed a noninterest-bearing note requiring payment of P 600,000 annually for seven years. The first payment was made on January 1, 2018. The prevailing interest rate for this type of note at date of issuance was 10%.
PV of an ordinary annuity of 1 at 10% for 6 periods 4.36
PV of an ordinary annuity of 1 at 10% for 7 periods 4.87
Required -
1. What amount should be recorded as sales revenue in January 2018?
2. What is the carrying amount of the note receivable on December 31, 2018?
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