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help me please thank you 40) On January 1, 2019, Crate Company acquired machinery by issuing a 3-year, 3%, P4,000,000 note payable. Principal is due
help me please thank you 
40) On January 1, 2019, Crate Company acquired machinery by issuing a 3-year, 3%, P4,000,000 note payable. Principal is due on January 1, 2022 but interest are to be paid on semi-annual basis starting July 1, 2019. The prevailing interest rate for this type of note is 12%. How much is the carrying amount of the note on initial recognition? (PVF5 Decima)
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
