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What is the carrying amount of the note receivable

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Question - Alamo Company sold one of its factories on January 1, 2015 for 7,000,000. The entity received a cash down payment of P1,000,000 and a 4-year, 12% note for the balance. The note is payable in equal annual payments for the principal and interest of P1,975,400 payable on December 31 of each year until 2018. What is the carrying amount of the note receivable on December 31, 2015?

Reference no: EM133128199

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