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On Jan 1, 2011, ABC Co. received a noninterest-bearing note with face amount of P1,000,000 due in five equal annual Installments starting on Jan 1,

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On Jan 1, 2011, ABC Co. received a noninterest-bearing note with face amount of P1,000,000 due in five equal annual Installments starting on Jan 1, 2011 and every 1st of January thereafter. The current rate on Jan 1, 2011 was 12%. Use 5 decimal in PV factor. How much is the carrying amount of the note on December 31, 2011? Your

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