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What amount that should be recorded for the net liability

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Problem 1: On July 1, 2018, Dateko Co. purchased a non-cash asset with a list price of P260,000 by issuing a five-year non-interest bearing note. The market or going rate of interest for this note was 12%. The note will be paid in five equal annual installments of P64,000 each June 30, 2019 through 2023. The amount that should be recorded for the net liability on July 1, 2018, is

Reference no: EM132811936

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