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What is the historical cost of the notes receivable

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Question - On July 1, 2019, NSR Company received a P50,000, one-year, non-interest bearing note from the sale of an old equipment with a cost of P100,000 and accumulated depreciation of P60,000. The company uses the calendar year. The prevailing interest rate for this type of transaction is 10%.

Required -

1. What is the historical cost of the notes receivable?

2. How much was the gain on sale of the old equipment?

3. What is the amortized cost of the notes receivable at December 31, 2019?

Reference no: EM133077706

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