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What is the equipment book value on December

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Reference no: EM132642802

Question - On December 31,2010, BAIKAL COMPANY acquired a piece of equipment from Seller Company by issuing a P1,200,000 note, payable in full December 31, 2014. Baikal's credit rating permits it to borrow funds from its several lines of credit at 10%. The equipment is expected to have a 5-year life and a P150,000 salvage value. The present value of 1 at 10% for 4 periods is 0.68301.

Required -

A. What is the equipment's book value on December 31, 2012?

B. What is the carrying value of the note at December 31, 2012?

Reference no: EM132642802

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