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Question - On January 1, 2021, Alen Company purchased a piece of land and in exchange issued a 5-year, P1,200,000 face value noninterest bearing note. The fair value of the land and the market value of the note is not determinable. The prevailing interest rate for a similar transaction is 8%.
Required -
a. What the initial measurement of the note?
b. What the interest expense to be reported in the 2021 income statement?
c. What the carrying value of the note at December 31, 2022?
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