On January 1, 20x1, HYBE acquired a machine by using a 3%, P4,000,000 note due on January 1, 20x4. Interest is payable semi-annually. The effective interest rate is 12%. The carrying amount on initial recognition is 3,114,884. How to get the carrying amount on initial recognition?

Q: On January 1, 20x1, RELISH TASTE Co. acquired a machine by issuing a 3%, P4,000,000 note due on…

A: Semi annual interest payment= P 4000000*3%*1/2= P 60000

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A: Excel's =PV function shall be used to calculate the present value of the note.

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A: Note means an instrument acknowledging as debt due from one party to another party. Interest bearing…

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A: Journal entry - It refers to the process where the business transactions are recorded in the books…

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A: All amount are (P).

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A: Principal payment on September 1, 20X2 = P2,000,000 / 4 = P500,000

Q: Peabody Corporation purchased equipment and in exchange signed a three-year promissory note.The note…

A:

Q: On January 1, 20x8, JINX Corp. purchased land by issuing P1 million non-interest bearing note…

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A: Here question is multi sub part question well will solve for first three sub part as well.  If you…

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A: As per the below table, the CV of note on Dec 2010 is P 18,18,182    * Please note that the…

Q: January 1, 2022, AA Company sold an equipment costing P5,000,000 and accumulated depreciation of…

A: account receivable or notes receivable represent the amount that has to be received from the debtor…

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A: Note payable is a form of liability for the business on which it has to make regular interest…

Q: On January 1, 20X1, Wade Crimbring, Inc., a dealer in used manufacturing equipment, sold a CNC…

A: Notes receivable are usually a non-current asset which carries a fixed rate of interest and the…

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A: The question is based on the concept of Financial accounting.

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A: • Non-current assets are those assets which are to be received after a period of 12 months from the…

Q: On January 1,20x1, ABC co. Sold a tract of land that was acquired several years ago for 2,000,000.…

A: The carrying value is a monetary worth assigned to a company's assets. It is normally calculated as…

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A: With 10% market rate of interest, the carrying value of bond is P 4973704

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A: Present value of note = Value of note * Present value of $1 table factor (6%, 2 periods)

Q: On January 1, 20x9, Fairness Company sold a tract of land that was acquired years ago for P 3M.…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: n January 1, 20x9, Detail Inc sold a tract of land that was acquired years ago for P 3M. Detail…

A: The carrying amount of assets is the present value of installment and the gain on sale is the excess…

Q: Omega Chemicals Ltd. took a $440,000 two-year note receivable from a customer in connection with a…

A: Price of the bond = c × F × (1 − (1 + r)-t)/r+F(1 + r)t C=Interest Rate F= Face Value r=Market…

Q: On January 1, 20x9, Fairness Company sold a tract of land that was acquired years ago for P 3M.…

A: “Since you have asked multiple sub-parts, we will solve the first three sub-parts for you. If you…

Q: A company purchased two new delivery vans for a total of $250,000 on January 1, Year 1. The compang…

A: Purchase of delivery vans total cost=$250,000 Payment made in cash=$40,000 Note to be paid in…

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A: Note payable is the liability which increases due to the purchases made on credit.

Q: On January 1, 20x1, HYBE acquired a machine by using a 3%, P4,000,000 note due on January 1, 20x4.…

A: Given; i = 12% / 2    =6% n= 3 x 2   = 6 Note value = $4,000,000

Q: On January 2, 2026, a tract of land that originally cost P800,000 was sold by SIMBAJON CORPORATION.…

A: Given, Land sold @ P 1200000 With payment due on annual installment - P400000 + interest for the…

Q: Kirk Company purchased equipment by making a down payment of P400, 000 and issuing a note payable…

A: Capitalized cost of the equipment = Down payment + Present value of Note + Shipping charges +…

Q: How much is the notes receivable as presented in the balance sheet at Dec 31, 20X1?

A: Given in the question: Land has been sold by ABC Co. on Jan 1, 20X1 The fair value of the land was =…

Q: Bank CO approved a loan application of Client ME on January 1, 20A for P3,500,000. Client ME is…

A: A contra account is used in a general ledger to reduce the value of a connected account when the two…

Q: On February 1, 20x1, TSR Co. sold machinery with historical cost of P3,000,000 and accumulated…

A: A debt with no stated interest rate is known as a noninterest-bearing note. However, a…

Q: Stellar Corporation purchased equipment and in exchange signed a two-year promissory note. Thenote…

A:

Q: On January 1, 2021, Chantal Company purchased equipment from Heidi Company amounted to P2,400,000.…

A: The question is based on the concept of business accounting.

Q: On January 1, 20x1, HYBE acquired a machine by using a 3%, P4,000,000 note due on January 1, 20x4.…

A: The initial recognition of the note payable will be recorded at present value of payments discounted…

Q: Legendary Corporation purchased equipment and in exchange signed a three-year promissorynote. The…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: On January 1, 20x1, ABC Co. extended a P1,000,000 loan to one of its officers as part of ABC’s car…

A: Formula: Interest income for the year ended December 31,20x3 = Carrying value of the note at the end…

Q: On January 1, 20X1, Wade Crimbring, Inc., a dealer in used manufacturing equipment, sold a CNC…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

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A: Gain or loss on sale of machinery:   =  Consideration received -  Carrying amount

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A: Solution Given Life of note 4 years Amount to be collected every year 600000…

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A: Down payment on January 1 = $ 5000 Interest rate = 8 % Due of next 5 years of each year $ 5000.…

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A: Given Purchase cost = 15000 The present value of an ordinary annuity of $1 at 5% for 10 periods…

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A: Here, Debt Amount is $252,000 Loan Payment is $13,500 Payment Period (p)  is the end of every three…

Q: On January 1, 20x1, ABC Co. sold a tract of land that was acquired several years ago for ₱2,000,000.…

A: Here note receivable is a financial instrument and the carrying value of the same is the present…

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A: The note payable is issued to creditor as a promissory note to the creditor to make payment on time.…

Q: Braddy Machinery sold some equipment for $8,500 and established a promissory note requiring 6.50%…

A: Frist we need to calculate maturity value of promissory note by using this formula Maturity value…

Q: On January 1, 20x9, Fairness Company sold a tract of land that was acquired years ago for P…

A: * As per Bartleby policy, answer first three subparts only in case question contains multiple…