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What is the notes carrying amount at December

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Reference no: EM133037824

Problem - On January 1, 2019, VWX Corporation sold equipment posting P380,000 with accumulated depreciation of P160,000 on the date of sale. Adobe received as consideration for the sale, a P400,000, non-interest bearing note, due January 1, 2022. There was no established exchange price for the equipment and the note had no read market. The prevailing rate of interest for a note of this type at January 1, 2D19 was 10%. The present value of 1 at 10% for three periods is 0.75. What is the notes carrying amount at December 31, 2019?

Reference no: EM133037824

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