Reference no: EM132869317
Problem 1 - On October 1, 2020, Courageous Company acquired an equipment with a cash price of P350,000 for P400,000. The entity signed a noninterest bearing promissory note which is payable in four equal installments beginning October 1, 2021.
Required -
a) What is the carrying value of notes payable on December 31, 2020?
b) What is the interest expense of 2021?
Problem 2 - On April 1, 2020, Compassionate Company purchased a parcel of land for P8,000,000 under an installment contract. The entity made a P2,400,000 cash down payment on April 1,2020 and signed a 4-year 10% note for the P5,600,000 balance. The equal annual payments of principal and interest on the note totaled P1,760,000, payable on April 1 of each year from 2021 to 2024.
Required -
a) Compute the current portion of the note payable on December 31, 2020.
b) Compute the noncurrent portion of the note payable on December 31, 2021?
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