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What should be the balance of the notes payable account

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Question 1: Shipping Corporation had net income for the year of P500,000 and a weighted average number of ordinary shares outstanding during the period of 200,000 shares. The company has a convertible bond issue outstanding. The bonds were issued four years ago at par (P3,000,000), carry a 7% interest rate, and are convertible into 50,000 shares. The company has a 40% tax rate. Diluted earnings per share are?

Question 2: On January 1, 2016, Crown Company sold property to Leary Company. There was no established exchange price for the property, and Leary gave Crown a P2,000,000 zero-interest-bearing note payable in 5 equal annual installments of P400,000, with the first payment due December 31, 2016. The prevailing rate of interest for a note of this type is 9%. The present value of the note at 9% was P1,442,000 at January 1, 2016. What should be the balance of the Notes Payable account on the books of Leary at December 31, 2016 after adjusting entries are made, assuming that the effective-interest method is used?

Reference no: EM132628360

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