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What should be the amount to be presented

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Q1) On January 1, 2019, BTS Co. sold a transportation equipment with a historical cost of P1,000,000 and accumulated depreciation of P300,000 in exchange for cash of P100,000 and a noninterest-bearing note receivable of P800,000 due on December 13, 2021. The prevailing rate of interest for this type of note is 12%. How much is the carrying amount of the receivable on December 31, 2020?

Q2) The Morning Star Corporation includes in its trial balance for December 31 Trade Accounts Receivable of P1,114,500. The balance consists of the following items:

Due from regular customers P523,000

Installment accounts receivable, including P150,000 collectible beyond 2019 granted within the usual installment terms of the company 224,000

Loans to officers 220,000

Advances to creditors for goods ordered 45,500

Accounts receivable assigned as security for loans payable 75,000

Note receivable past due plus interest on these notes 27,000

Total 1,114,500

What should be the amount to be presented as Trade Accounts Receivable in the statement of financial position as of December 31?

Reference no: EM132966105

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