On January 1, 2021, Chantal Company purchased equipment from Heidi Company amounted to P2,400,000. Chantal issued a noninterest-bearing note with an effective interest rate of 9% as payment. It is payable in 8 equal payments beginning January 1, 2021, and afterward, every end of the year. (Use 2 decimal places for PVF). How much is the present value of the note payable on December 31, 2021?
On January 1, 2021, Chantal Company purchased equipment from Heidi Company amounted to P2,400,000. Chantal issued a noninterest-bearing note with an effective interest rate of 9% as payment. It is payable in 8 equal payments beginning January 1, 2021, and afterward, every end of the year. (Use 2 decimal places for PVF). How much is the present value of the note payable on December 31, 2021?
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 28E: On January 1, 2019, Northfield Corporation becomes delinquent on a 100,000, 14% note to First...
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On January 1, 2021, Chantal Company purchased equipment from Heidi Company amounted to P2,400,000.
Chantal issued a noninterest-bearing note with an effective interest rate of 9% as payment.
It is payable in 8 equal payments beginning January 1, 2021, and afterward, every end of the year. (Use 2 decimal places for PVF).
How much is the present value of the note payable on December 31, 2021?
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