PLEMACOLA, Inc. sold a piece of land on January 1, 2021. The company purchased the land for P1,000,000. PLEMACOLA received a 3-year note of P1,500,000. The cash selling price of the land as of this date is P1,190,748. The imputed interest rate on this note is 8%. How much is the unamortized discount as of December 31, 2022?
PLEMACOLA, Inc. sold a piece of land on January 1, 2021. The company purchased the land for P1,000,000. PLEMACOLA received a 3-year note of P1,500,000. The cash selling price of the land as of this date is P1,190,748. The imputed interest rate on this note is 8%. How much is the unamortized discount as of December 31, 2022?
Chapter16: Accounting Periods And Methods
Section: Chapter Questions
Problem 15DQ
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Question
PLEMACOLA, Inc. sold a piece of land on January 1, 2021. The
company purchased the land for P1,000,000. PLEMACOLA received a
3-year note of P1,500,000. The cash selling price of the land as of this
date is P1,190,748. The imputed interest rate on this note is 8%.
How much is the unamortized discount as of December 31, 2022?
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