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- Oak Branch Inc. issued $700,000 of 5%, 10-year bonds when the market rate was 4%. They received $757,243. Interest was paid semi-annually. Prepare an amortization table for the first three years of the bonds.On July 1, a company sells 8-year $250,000 bonds with a stated interest rate of 6%. If interest payments are paid annually, each interest payment will be ________. A. $120,000 B. $60,000 C. $7,500 D. $15,000On Jan, 1, 20X1 ABC Corp sold equipment with a cost of P20,000,000 and accumulated depreciation of P9,000,000 in exchange for cash of P500,000 and non-interest bearing note receivable of P8,000,000 due in 4 equal annual installments starting on Dec 31, 20X1. Effective rate was 12% for this type of note. PV of P1 at 12% for 4n = .63552 PV of ordinary annuity of P1 at 12% for 4n = 3.03735 How much is the gain or loss on sale of the equipment? 3,000,000 4,425,300 4,925,300 5,415,840
- On Jan, 1, 20X1 ABC Corp sold equipment with a cost of P20,000,000 and accumulated depreciation of P9,000,000 in exchange for cash of P500,000 and non-interest bearing note receivable of P8,000,000 due in 4 equal annual installments starting on Dec 31, 20X1. Effective rate was 12% for this type of note. PV of P1 at 12% for 4n = .63552 PV of ordinary annuity of P1 at 12% for 4n = 3.03735 How much is the gain or loss on sale of the equipment? a.3000 b. 4,425,300 c. 4,925,300 d. 4,925,300On Jan, 1, 20X1 ABC Corp sold equipment with a cost of P20,000,000 and accumulated depreciation of P7,000,000 in exchange for cash of P500,000 and non-interest bearing note receivable of P8,000,000 due in 4 equal annual installments starting on Dec 31, 20X1. Effective rate was 12% for this type of note. PV of P1 at 12% for 4n = .63552 PV of ordinary annuity of P1 at 12% for 4n = 3.03735 How much is the current portion of the note at Dec 31, 20X1? 1,271,036 1,423,560 1,785,714 3,380,103On Jan, 1, 20X1 ABC Corp sold equipment with a cost of P20,000,000 and accumulated depreciation of P7,000,000 in exchange for cash of P500,000 and non-interest bearing note receivable of P8,000,000 due in 4 equal annual installments starting on Dec 31, 20X1. Effective rate was 12% for this type of note. PV of P1 at 12% for 4n = .63552 PV of ordinary annuity of P1 at 12% for 4n = 3.03735 How much is the carrying amount of the note at Dec 31, 20X1? 1,271,036 1,423,560 1,785,714 3,380,103
- On January 1, 20x1, ABC Co. sold transportation equipment with a historical cost of ₱12,000,000 and accumulated depreciation of ₱7,000,000 in exchange for cash of ₱100,000 and a noninterest-bearing note receivable of ₱4,000,000 due in 4 equal annual installments starting on January 1, 20x1 and every January 1 thereafter. The prevailing rate of interest for this type of note is 12%. 8. How much is the interest income in 20x1?a. 408,230b. 278,334c. 328,964d. 288,220 9. How much is the carrying amount of the receivable on December 31, 20x1?a. 1,690,510b. 892,857c. 2,690,051d. 1,594,388On January 1, 20x1, ABC Co. sold transportation equipment with a historical cost of ₱12,000,000 and accumulated depreciation of ₱7,000,000 in exchange for cash of ₱100,000 and a noninterest-bearing note receivable of ₱4,000,000 due in 4 equal annual installments starting on January 1, 20x1 and every January 1 thereafter. The prevailing rate of interest for this type of note is 12% How much is the carrying amount of the receivable on January 1, 20x3?a. 892,857b. 3,380,102c. 6,074,699d. 6,000,000On January 1, 20x1, ABC Co. sold transportation equipment with a historical cost of ₱20,000,000 and accumulated depreciation of ₱7,000,000 in exchange for cash of ₱500,000 and a noninterest-bearing note receivable of ₱8,000,000 due in 4 equal annual installments starting on December 31, 20x1 and every December 31 thereafter. The prevailing rate of interest for this type of note is 12%. Cash 500,000 Notes Receivable 8,000,000 Accumulated Depreciation 7,000,000 Loss on Sale of Equipment 6,425,301 Transportation Equipment 20,000,000 Unearned Interest Income 1,925,301 1. How much is the interest income in 20x1? 2. How much is the current portion of the receivable on December 31, 20x1? 3. How much is the carrying amount of the…
- On January 1, 20x1, Mojo Co. sold transportation equipment with a historical cost of ₱20,000,000 and accumulated depreciation of ₱7,000,000 in exchange for cash of ₱500,000 and a noninterest-bearing note receivable of ₱8,000,000 due in 4 equal annual installments starting on December 31, 20x1 and every December 31 thereafter. The prevailing rate of interest for this type of note is 12%.5. How much is the interest income in 20x1?a. 728,946b. 678,334c. 728,964d. 704,2366. How much is the current portion of the receivable on December 31, 20x1?a. 1,271,036b. 1,423,560c. 3,380,102d. 1,594,3887. How much is the carrying amount of the receivable on December 31, 20x2?a. 4,803,663b. 3,380,103c. 6,074,699d. 6,000,000On January 1, 20x1, Mojo Co. sold transportation equipment with a historical cost of ₱20,000,000 and accumulated depreciation of ₱7,000,000 in exchange for cash of ₱500,000 and a noninterest-bearing note receivable of ₱8,000,000 due in 4 equal annual installments starting on December 31, 20x1 and every December 31 thereafter. The prevailing rate of interest for this type of note is 12%. 5. How much is the interest income in 20x1?a. 728,946b. 678,334c. 728,964d. 704,236 with solution please.14. On January 1, 20x1, ABC sold a used vehicle with a historical cost of P2,000,0000 and accumulated depreciation of P700,000 in exchange for cash of P100,000 and a noninterest bearing note receivable of P1,000,000 due in 4 equal annual installments starting on December 31, 20x1 and every December 31, thereafter. The prevailing rate of interest for this type of note is 12%. On December 31, 20x2, the carrying amount of the note receivable is approximately (use 6-decimal present value factor) The correct answer is: 422,513 REQUIRED: Provide a step-by-step solution.