Reference no: EM132912227
Question - On January 1, Gabriel Company sold land with a carrying value of P1,000,000 in exchange for a 1-year, 8% note with a face value of P1,500,000. The 8% rate properly reflects the time value of money for this type of note.
On March 1, Gabriel Company discounted the note with recourse and accounted as a conditional sale. The bank discount rate is 10%.
On September 1, the maker dishonored the notes receivable. In return, Gabriel Company pays the factor the maturity value of the note plus a protest fee of P5,000.
At the end of the year, Gabriel Company collected the dishonored note in full plus a 10% interest on the total amount due.
Requirements -
1. Necessary journal entry to record the above transactions.
2. Assuming that the March 1 transaction did not happen, what is the necessary journal entry to record the above transactions?
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