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On January 1, 2016, Santayana Company sold a special machine that had a cash price of P900,000. The buyer paid P100,000 cash and signed
On January 1, 2016, Santayana Company sold a special machine that had a cash price of P900,000. The buyer paid P100,000 cash and signed a 4-year note. The note specified that it would be paid off in four equal annual payments of P274,565 each starting on December 31, 2016. The payments include 14% interest. How much is the carrying amount of the receivable on December 31, 2016?
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Financial Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
7th Canadian edition
1119368456, 978-1119211587, 1119211581, 978-1119320623, 978-1119368458
