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What amount should be reported as note receivable

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Question - On December 31, 2020, Elisha Company sold a machine in exchange for a noninterest- bearing note requiring ten annual payments of P400,000. The first payment was made on December 31, 2020. The market interest rate for similar notes at date of issuance was 8%.

Period

Present value of 1 at 8%

Present value of ordinary annuity of 1 at 8%

9

0.50

6.25

10

0.46

6.71

Required - On December 31, 2020, what amount should be reported as note receivable?

Reference no: EM132750830

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