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What should toblerone report as notes receivable

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Reference no: EM132836916

Problem 1: TOBLERONE Company is a dealer in equipment. On December 31, 2018. TOBLERONE sold an equipment in exchange for a non-interest bearing note requiring five annual payments of ? 500,000. The first payment was made on December 31, 2019. The market interest for similar notes was 8%. The relevant present value factors are: PV of 1 at 8% for 5 periods is 3.99. in its December 31, 2018 statement of financial position, what should Toblerone report as notes receivable?
a. ? 1,700,000
b. ? 1,995,000
c. ? 2,500,000
d. ? 1,495,000

Reference no: EM132836916

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