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What should Pangasinan report as note receivable

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Q1. Agoo Company accepted from a customer P5,000,000, 120-day, 12% note dated August 31, 2020. On September 30, 2020, Agoo discounted the note at PNB. However, the proceeds were not received until October 1, 2020. In the September 30, 2020 statement of financial position, the amount receivable from the bank includes accrued interest revenue of

A. 200,000

B. 156,000

C. 44,000

D. 50,000

Q2. Pangasinan Company is a dealer in equipment. On December 31, 2020, Pangasinan Company sold an equipment in exchange for a noninterest bearing note requiring five annual payments of P500,000. The first payment was made on December 31, 2021. The market interest for similar notes was 8%. The relevant present value factors are:

PV of 1 at 8% for 5 periods 0.68

PV of an ordinary annuity of 1 at 8% for 5 periods 3.99

In its December 31, 2020 statement of financial position, what should Pangasinan report as note receivable?

A. 2,500,000

B. 1,995,000

C. 1,700,000

D. 1,495,000

Reference no: EM132532729

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