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Question - On December 31, 2019, Panda Bank recorded an investment of P5,000,000 in a loan granted to a client. The loan has a 10% effective interest rate payable annually every December 31. The principal is due in full at maturity on December 31, 2022. Unfortunately, the borrower is experiencing significant financial difficulty and will have difficult time in making full payment. The bank projected that the entire principal will be paid at maturity and 4% interest or P200,000 will be paid annually on December 31 of the next three years. There is no accrued interest on December 31, 2019. The PV of 1 at 10% for three periods is 0.75, and the PV of an ordinary annuity of 1 at 10% for three period is 2.49. What is the loan impairment loss for 2019?
Bernice dies and, under a will, passes real estate to her surviving husband. The real estate is subject to a mortgage. For estate tax purposes, how will any marital deduction be determined? Can Bernice's estate deduct the mortgage under § 2053? Ex..
maserati corporation purchased a new machine for its assembly process on august 1 2012. the cost of this machine was
green systems sold and delivered modems to blue computers for 660000 to be paid by blue in three equal installments
Figure out Cost of Goods manufactured for the year and I am having trouble figuring it out
If Mellon uses 2% of net credit sales, What will be the balance in the Allowance for Doubtful Accounts account after the adjustment for bad debts?
Mayfair Co. allows select customers to make purchases on credit
Explain how the company might change its accounting system to reflect the reporting problems better? Are there other problems with the purchasing area?
Turquoise Ltd started its operations with $25,700 in cash with the issue of common stock dated Jan 1, Year 1. Prepare an income Statement for each of five years
The crop damage policy was $12,000 for a two-year term. What was the balance in Adam's prepaid insurance as of December 31, 2020
he adjusted trial balance for Dolton Corporation at the end of the current year - Prepare the long-term liabilities section of the balance sheet
What are the factors that constraint moral development beyond Stage 4 of Kohlberg's theory for accounting professionals? Explain in detail with an example.
1. how is the income statement of a service company different from the income statement of a merchandising company?2.
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