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What is the carrying value of the note receivable

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Question - On January 1, 2022, AA Company received cash of P1,000,000 and a 4-year, noninterest bearing note to be collected in equal amounts of P600,000 every December 31 of each year. AA company sold an old furniture costing P3,000,000 and carrying amount of P2,200,000 on date of sale. Interest effective on January 1, 2022 is 5%. What is the carrying value of the note receivable as of December 31, 2022?

Reference no: EM133143068

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