On January 1, 20x1, S Co. acquired an equipment by issuing a 3-year, 3%, 4,000,000 note payable.
Fantastic news! We've Found the answer you've been seeking!
Question:
On January 1, 20x1, S Co. acquired an equipment by issuing a 3-year, 3%, ₱4,000,000 note payable. Principal is due on January 1, 20x4 but interests are to be paid annually every January 1. The prevailing interest rate for this type of note is 12%.
Required:
- Journal Entries from January 1, 20x1 to January 1, 20x4.
Related Book For
Advanced Financial Accounting
ISBN: 978-0078025624
10th edition
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
Posted Date: