What is the carrying value of the notes receivable

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Reference no: EM132568190

Question: ABC Company sold its inventory for P300,000 to DEF on January 2, 2017 and received a one-year note bearing an interest of 12% for the full amount. On December 31, 2017, ABC determined based on DEF's recent financial crisis and the amount due on January 2, 2018 will not be collected and that only P210,000 of the principal will be collected with some delay until the end of 2019.

What is the carrying value of the notes receivable on ABC's 2017 statement of financial position?

-P210,000
-Answer not given
-P167,412
-P187,500
-P300,000

Reference no: EM132568190

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