Reference no: EM132949222
Question - At the beginning 2015, Marcos Company received a three-year zero-interest bearing P1,000,000 trade note. Marcos reported this note as P1,000,000 trade note receivable on its 2015 year-end statement of financial position and P1,000,000 as sales revenue for 2014. What effect did this accounting for the note have on Marco's net earnings for 2015, 2016, 2017, and its retained earnings at the end of 2017, respectively?
a. Overstate, overstate, understate, no effect
b. Overstate, understate, understate, no effect
c. Overstate, understate, understate, understate
d. No effect, no effect, no effect, no effect
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