ote payable to the Bank of the Giniling Islands for P2,400,000 is outstanding on December 31, 2022. The note is dated October 1, 2022, bears interest at 18%, and is payable in three equal annual installment of P800,000. The first interest and principal payment was made on October 1, 2022. How much is the current portion related to
ote payable to the Bank of the Giniling Islands for P2,400,000 is outstanding on December 31, 2022. The note is dated October 1, 2022, bears interest at 18%, and is payable in three equal annual installment of P800,000. The first interest and principal payment was made on October 1, 2022. How much is the current portion related to
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter14: Long-term Liabilities: Bonds And Notes
Section: Chapter Questions
Problem 11E
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Question
A note payable to the Bank of the Giniling Islands for P2,400,000 is outstanding on December 31, 2022. The
note is dated October 1, 2022, bears interest at 18%, and is payable in three equal annual installment of P800,000.
The first interest and principal payment was made on October 1, 2022. How much is the current portion related to
the note on December 31, 2022?
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