Reference no: EM133012620
In December 31, 2019, Cisco Company, a real estate firm, received two P20,000 notes from customers in exchange for services rendered. On both notes, simple interest is computed on the outstanding principal balance at 3 percent and payable at maturity. The note from George Company is due in nine months, and the note from Martin Company due in five years. The market interest rate for similar notes on December 31, 2019, was 8 percent.
Problem 1. At what amounts should the two notes be reported in Cisco's December 31, 2019, balance sheet?
George Martin
A. P18,868 P13,624
B. P18,519 P15,653
C. P20,000 P13,624
D. P20,000 P15,653
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