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What should be the reported carrying amount of note payable

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Problem 1: On December 31, 2016, Barramundi Company purchased a machine from Helga Corporation in exchange for a non-interest bearing note requiring eight payments of P200,000. The first payment was made on December 31, 2016, and the others are due annually every December 31 thereafter. At the date of issuance, prevailing interest rate for this type of note was 11%. The present value of an ordinary annuity of 1 at 11% for 8 periods is 5.146, and the present value of an annuity of 1 in advance at 11% for 8 periods is 5.712. What should be the reported carrying amount of the note payable on December 31, 2016?

Reference no: EM132803097

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