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What is the journal to record sale of the equipment

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Reference no: EM132806431

Topics Covered: Notes and Loans Receivable

Problem 1: On April 1, 2020, ABC corporation its old office equipment for P50,000 and a P70,000 note. The office equipment had a cost of P400,000 and an accumulated depreciation of P300,000. The note pays an 8% interest and has a term of 9 months. The prevailing interest rate for similar notes is 9%. The buyer agreed to pay interest every three months. What is the journal to record the sale of the equipment?

Reference no: EM132806431

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