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What is the carrying amount of the note payable

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Question: Zephyr Company provided a grant by a foreign government for the purpose of acquiring land for a building site. The grant is a zero-interest loan for 5 years evidenced by a promissory note. The loan was granted on January 1, 2014 for P8, 000, 000. The market rate of interest is 6%. The present value of 1 for five periods at 6% is .7473. What is the carrying amount of the note payable on December 31, 2015?

Reference no: EM132736799

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