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Question - On January 1, 2021, San Jose Company sold property to Cabanatuan Company which originally cost San Jose P7,600,000. There was no established exchange price for this property. Cabanatuan gave San Jose a P12,000,000 zero- interest- bearing note payable in three equal annual installments of P4,000,000 with the first payment due on December 21, 2021. The Note has no ready market. The prevailing rate of interest for a Note of this type is 10%. The present value of a P12,000,000 note payable in three equal annual installments of P4,000,000 at a 10% rate of interest is P9,948,000. What is the amount of interest income that should be recognized by San Jose, using the effective- interest method?
Using the double-declining balance method, how much is the 2019 depreciation expense? Hint: what is the year 2 depreciation amount
Future value of an ordinary annuity $enter a dollar amount rounded to 0 decimal places Will funds be sufficient?Will the fund at end of 15 years be sufficient
Discuss the business environment at Xerox and the factors that may have motivated fraudulent activity and evaluate the alleged accounting errors
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Determine the amount of the standard deduction allowed for 2020 in the following independent situations
A local bank has quoted Simple? Simon's owner an interest rate of 10.5% on borrowed funds. Should Simple Simon's enter the loan agreement
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On April 12, 2009, he files his state return for 2008 claiming a refund of $900. Ernest receives the refund on August 3, 2009. If Ernest itemizes deductions, how much may he claim as a deduction for state income taxes on his Federal return for cal..
Prepare journal entries to summarize all transactions in which the district engaged
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Given loan principal is $50,000, length of term is 72 months, monthly payment is $760.00, Calculate the annual interest rate
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