current liabilities section
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 8RE
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Question
On June 30, 2019, Bengbeng Corporation issued a five-year note payable with a face amount of P1,000,000 and an interest
rate of 10%. The terms of the note require Bengbeng to make five annual payments of P200,000 plus accrued interest,
with first payment due June 30, 2020. With respect to the note, the current liabilities section of Bengbeng‘s December 31,
2020
a. P280,000 b. P240,000 c. P200,000 d. P40,000
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