Based on the above data, answer the following: 1. How much is the gain or loss on sale of delivery equipment in 2021? a. Nil c. ₱513,580 b. ₱663,580 d. ₱1,513,580 2. How much is the interest income of 2021? a. Nil c. ₱83,425 b. ₱181,630 d. ₱188,728 3. How much is the carrying amount of the note on December 31,2021?
On January 1,2021, Gale Co. sold delivery equipment costing ₱1,000,000 with
Expected date of collection Amount of
31-Dec-2021 ₱1,000,000
31-Dec-2022 600,000
31-Dec-2023 200,000 ₱1,800,000
The prevailing rate of interest for this type of note is 12%.
Based on the above data, answer the following:
1. How much is the gain or loss on sale of delivery equipment in 2021?
a. Nil c. ₱513,580
b. ₱663,580 d. ₱1,513,580
2. How much is the interest income of 2021?
a. Nil c. ₱83,425
b. ₱181,630 d. ₱188,728
3. How much is the carrying amount of the note on December 31,2021?
a. ₱695,210 c. ₱178,635
b. ₱876,008 d. ₱512,399
4. How much is current portion of the note on December 31,2021?
a. ₱600,000 c. ₱83,425
b. ₱516,575 d. ₱178,635
5. How much is the noncurrent portion of note on December 31,2021?
a. ₱600,000 c. ₱83,425
b. ₱516,575 d. ₱178,635
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