3:02 = 6. Puppy Co. received a non-interest bearing note with face amount of P1,000,000 from a customer on Jan. 1, 20x1. The note is due in five equal annual installments every Dec. 31. The effective interest rate is 12%. How much is the current portion of the note on Dec. 31, 20x2? a. 127,104 b. 72,896 c. 137,389 d. 142,356 a. 72,896; 607,470 b. 72,896; 480,366 c. 72,896; 680,366 d. 57,644; 338,010 7. The current and noncurrent portions of Rainy Morning Co.'s noninterest-bearing note receivable on Dec. 31, 20x1 are P127,104 and P480,366, respectively. The note has a face amount of P1M, is dated Jan. 1, 20x1 and is due in 5 equal annual installments every Dec. 31. Rainy Morning Co. reported interest income of P86,515 in 20x1 and P72,896 in 20x2. How much is unamortized discount on the note on Dec. 31, 20x3? a. 661,990 b. 756,224 c. 56,224 d. 61,990 Searcl Q 8. On Jan. 1, 20x1, Meeting Co. received a noninterest-bearing note with face amount of P1,000,000, due in five equal annual installments starting on Jan. 1, 20x1 and every 1st of January thereafter. The current rate on Jan. 1, 20x1 was 12%. How much are the interest income in 20x1 and the carrying amount of the note on Dec. 31, 20x1, respectively? 31, 20x1, respectively? a. 164,591; 1,241,083 Log in b. 88,825; 1,241,083 c. 124,591; 1,612,083 d. 164,591; 1,515,317 9. On Jan. 1, 20x1, Pakbet Co. received a 3-year, noninterest-bearing note with face amount of P2,100,000 due in equal semi-annual payments every July 1 and December 31. The effective interest rate is 10%. How much are the interest income in 20x1 and the carrying amount of the note on Dec. c. 376,345 d. 428,346 Join 10. On Jan. 1, 20x1, Parya Co. received a 3-year, P900,000 noninterest-bearing note receivable due as follows: P400,000 on Dec. 31, 20x1, P300,000 on Dec. 31, 20x2, and P200,000 on Dec. 31, 20x3. The prevailing rate of interest for this type of note is 10%. How much is the carrying amount of the receivable on Dec. 31, 20x1? a. 467,354 b. 438,016 < End of preview Want to read all 9 pages? Upload your study docs or become a member. View full document |||