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What total carrying amount should be reported

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Problem 1: On Dec 31,2019, Batasan Company received two P2,000,000.00 notes receivable from customers. On both notes, interest is calculated on the outstanding principal balance at the annual rate of 3% and payable at maturity. The first note, made under customary trade terms is due in nine months and the second note is due in five years. The market interest rate for similar botes Dec 31, 2019 was 8%. The PV of 1 at 8% due in nine months is .944, and the PV of 1 at 8% due in 5 years is .68. On Dec. 31, 2019, what total carrying amount should be reported for the two notes receivable?

Reference no: EM132807656

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