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What total carrying amount should be reported

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Problem - On December 311 21315, Lovely Company received two P2,000,000 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 ?rst note made under customary trade terms, is due in nine months and the second note is due in ?ve years. The market interest rate for similar notes on December 31: 201 5 was 8%. The PV of 1 at 3% due in nine months is .944, and the PV of 1 at 3% due in 5 years is .68. On December 31, 2015, what total carrying amount should be reported for the two notes receivable?

Reference no: EM132938788

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