Prepare an amortization table. Prepare all journal entries to record the transactions from January 1, 2020 to December 31, 2023.

Q: On January 1, 2019, Coco Company sold a building for P5,000,000 to Macao Company. Macao Company paid…

A: Face value of note = Sale value - down payment = 5000000-50000 = P4,500,000 Annual payment = Face…

Q: , 2021, XYZ. issued a 9% interest bearing note with a face amount of P 30,000,000 for the purchase…

A: Notes are to paid by the annual installments carrying the principal and interest amount.

Q: Cambodia Company purchased a machinery on December 31, 2020, paying P80,000 and issuing a P240,000…

A: Present value of note = Annual installments  x Present value factor (12%, 4 years)

Q: On January 1,2021, ABC Corporation purchased a land for P 15,000,000. In exchange of the land, ABC…

A: The carrying value of note issued on 01 January 2021 by ABC Corporation as of 31 December 2022 would…

Q: On January 1, 2021, Suga Company sold an equipment to Jin Company which had a carrying value on…

A: Present value of note on January 1, 2021 = Face value of note x PV of an ordinary annuity of P1…

Q: On January 1, 2022. TGIG sold equipment with historical cost of P10,000,000 and accumulated…

A: Carrying amount of the Note = Present value of the annual instalments where, Present value of the…

Q: On January 01, 2022, TGIF Company sold equipment costing P10,000,000 with accumulated depreciation…

A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined…

Q: On January 01, 2022, Legit Company sold equipment costing P10,000,000 with accumulated depreciation…

A: No. of installment to be received = Face value of notes / annual installments Carrying amount of 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…

Q: On January 1, 2021, Bambam Company sold an equipment to Lucas Company which had a carrying value on…

A: A note receivable is an asset account linked to an underlying promissory note that specifies in…

Q: On January 1, 2020, ABC Company sold a piece of land for P10,000,000. The company received a 10%,…

A: The asset is sold in exchange of a financial asset, which is a 10 year 10% note, whose carrying…

Q: What is the carrying amount of the note as of December 31, 2022? On January 1, 2022. TGIG sold…

A: Carrying amount of the Note = Present value of the annual instalments where, Present value of the…

Q: On January 1, 2020, ABC Company sold property to the DEF Company. There was no established exchange…

A: Total amount payable at December 31, 2021= annual installments x no. of annual installments =…

Q: n interest rate of 8% and is to be repaid in three annual installments of P200,000 plus interest on…

A: From the given values, the interest revenue as,

Q: On December 31, 2020,  Company sold a machine in the ordinary course of business to Space-X  Company…

A: Annuity refers to series of equalized payments that are either made start or end of specific…

Q: On January 1,2021, Gale Co. sold delivery equipment costing ₱1,000,000 with accumulated depreciation…

A: 1)  The current portion of note receivable = 600000 Hence, the correct answer is option -(a).…

Q: On April 1, 2021, ABC CO. issued a 9% interest bearing note with a face amount of P 30,000,000 for…

A: Fair Value of Bonds = Present Value of Future Cash flows relating to bond @ market rate

Q: On January 1,2021, ABC Corporation purchased a land for P 15,000,000. In exchange of the land, ABC…

A: Carrying value of notes payable as of December 31, 2024 = Face value of Notes x Present value factor…

Q: On January 1, 2021, Suga Company sold an equipment to Jin Company which had a carrying value on…

A: Present value of note on January 1, 2021 = Face value of note x PV of an ordinary annuity of P1…

Q: On January 1, 2020, Adobo Incorporated sold its aggregate equipment.  The buyer issued a promissory…

A: Principal Outstanding   Principal amount received   Interest   Total amount received   PV…

Q: On January 1, 2020, Mewtwo Company sold a piece of equipment with a carrying amount of P1,500,000 to…

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

Q: On July 1, 2021, ABC Co. issued a 9% interest bearing note with a face amount of P 10,000,000 for…

A: carrying value of the notes as of December 31,2022  is P 8,227,384.90  accrued interest P 354,289.30…

Q: On December 31, 2020, an entity sold a piece of land costing P800, 000 and received a 3-year, 3%,…

A: Working note: Computation of present value of the note receivable:

Q: On December 31, 2020, Queen Company sold an equipment with carrying amount of P2,000,000 and…

A: The notes receivable is an asset account in the balance sheet of an organization. It is recorded…

Q: On January 1, 2020, VKS Incorporated sold its aggregate equipment.  The buyer issued a promissory…

A: Principal Outstanding   Principal amount received   Interest   Total amount received   PV factor…

Q: On January 01, 2022, TGIF Company sold equipment costing 10,000,000 with accumulated depreciation of…

A: Carrying amount of the note = annual installments x Present value factor No. of installment to be…

Q: On January 1, 2020, CPA Incorporated sold its aggregate equipment. The buyer issued a promissory…

A: Principal Outstanding   Principal amount received   Interest   Total amount received   PV…

Q: On January 1, 2020, Pedro Company sold land that originally cost P400,000 to Buyer Company. As…

A: Answer -  Part 4 - Calculation of the correct carrying amount of the notes receivable at December…

Q: On December 31, 2020, Precious Company sold an equipment with carrying amount of P2,000,000 and…

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

Q: On April 1, 2028, Dugong Company issued a P 9,000,000 non-interest-bearing note due March 31, 2031,…

A: The carrying amount of the note on initial recognition is equivalent to the cash price of land. The…

Q: On January 1, 2020, Pedro Company sold land that originally cost P400,000 to Buyer Company. As…

A: Answer -  Part 1  - PV of consideration receivable (see computation b            503,105Carrying…

Q: What is the carrying amount of the note as of December 31, 2022? On January 1, 2022. TGIG sold…

A: Carrying amount of the Note = Present value of the annual instalments where, Present value of the…

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

A: INITIAL RECOGNITION AS ON 1 JANUARY,2022 (PART OF WORKING) CASH FLOWS (I) PVF @8% (II) I * II…

Q: On January 1, 2022, Jantzen Company sold land to Dansko Company. There was no established market…

A: Carrying Amount of Notes = Beginning Balance + Interest Accrued - Principal repaid

Q: Based on the above data, answer the following: 1. How much is the gain or loss on sale of delivery…

A: Comment: The Question is Multipart, so SME will answer only three subparts as per Bartleby…

Q: n December 31, 2020, Company sold a machine in the ordinary course of business to Space-X Company in…

A: Amount of sales revenue can be computed by calculating Present vale of annuity with the help of…

Q: On January 1, 2020, the Dolce Corporation issued a three-year, non-interest bearing note with face…

A: Given, effective interest rate = 12%, annual installments = P1,000,000, The land has an equivalent…

Q: On April 1, 2021, ABC CO. issued a 9% interest bearing note with a face amount of P 30,000,000 for…

A: Notes Parables: Notice the image for Notes Payable: Notes payable are long-term obligations that…

Q: On December 31, 2020, Sun Company sold a machine in the ordinary course of business to Space-X…

A: The annuity is a series of equal payments or receipts that lasting for a specific period of time at…

Q: On July 1, 2021, Kiko Company (a calendar-year company) sold a tract of land that originally cost…

A: First we should calculate carrying value of note on June 30, 2022 = Fair value on date of issue +…

Q: On January 1, 2021, ABC Co. sold transportation equipment with a historical cost of P12,000,000 and…

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

Q: On January 1, 2021, Hornets Company sold land that originally cost P400,000 to Egi Company. As…

A: Stated rate of interest & market rate of interest rate are same. Therefore Interest revenue for…

Q: On January 1, 2020, Advanced Study Company sold a piece of land with a carrying amount of P8,000,000…

A: Amortization: When the market rate of interest is different from the coupon rate or carrying rate,…

Q: On January 1, 2021, My Universe Corporation issued a three-year, non-interest bearing note with face…

A: Solution: Interest expense for 2021 = P2,400,000 * 12.0444% = P289,066 Payments at the end of 2021 =…

Q: Dilraba Co. sold equipment in exchange for a P750,000, non-interest bearing note receivable in 5…

A: Unearned revenue is the revenue that has not been earned by the company but the payment for the same…

Q: On January 1, 2022, State Co. sold an equipment to Nation Co. The latter issued a five-year…

A: Present value of the Note  = Present value of principal + Present value of interest payments where,…

Q: On January 1, 2021, My Universe Corporation issued a three-year, non-interest bearing note with face…

A: 12 months from the end of reporting period date. in this case reporting period date is 31 dec 2021

Q: On April 1, 2021, Leni Company (a calendar-year company) sold a tract of land that originally cost…

A: Interest revenue for the year ended December 31, 2021 = fair value of the note x prevailing rate of…

Q: The note shall be paid in equal annual installments (this is the series of amounts that Krisha will…

A: Calculation of Present value of note receivable  Year Cash inflow Present Value factor @12%…