A company issued a P3 million three-year non-interest-bearing note on January 1, 2021, for a piece of land. The note was payable in three equal annual installments every December 31 starting December 31, 2021. The cash price equivalent of the land on January 1, 2021, was P2,401,800. What is the balance of the discount on notes payable on December 31, 2021? Note: Round off PV factor to 4 decimals. round off final answer to the nearest peso
A company issued a P3 million three-year non-interest-bearing note on January 1, 2021, for a piece of land. The note was payable in three equal annual installments every December 31 starting December 31, 2021. The cash price equivalent of the land on January 1, 2021, was P2,401,800. What is the balance of the discount on notes payable on December 31, 2021? Note: Round off PV factor to 4 decimals. round off final answer to the nearest peso
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable
Section: Chapter Questions
Problem 24E: Spath Company borrows 75,000 by issuing a 4-year, noninterest-bearing note to a customer on January...
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A company issued a P3 million three-year non-interest-bearing note on January 1, 2021, for a piece of land. The note was payable in three equal annual installments every December 31 starting December 31, 2021. The cash price equivalent of the land on January 1, 2021, was P2,401,800. What is the balance of the discount on notes payable on December 31, 2021?
Note: Round off PV factor to 4 decimals. round off final answer to the nearest peso
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