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On January 1, 2017, Liza Corporation received P1,000,000 on a noninterest-bearing note due in three years. The market rate of interest on such date is 10%. The entity irrevocably elected the fair value option in measuring the notes payable. On December 31, 2017, the risk factors indicated that the rate of interest applicable to the borrowing was 9%.
The present value factors at 10% and 9% are:
PV factor 10%,3 p
.751
PV factor 9%,3 p
.772
PV factor 10%,2 p
.826
PV factor 9%,2 p
.842
PV factor 10%,1 p
.909
PV factor 9%,1 p
.917
Question 1: What is the carrying amount of the note payable on December 31, 2017?
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