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On January 1, 2017 Persephone Company sold a piece of transportation equipment with a historical cost of P1,000,000 and accumulated depreciation of P300 000 in

On January 1, 2017 Persephone Company sold a piece of transportation equipment with a historical cost of P1,000,000 and accumulated depreciation of P300 000 in exchange for cash of P100 000 and a noninterest-bearing note receivable of P800,000 due on January 1, 2020. The prevailing rate of interest for this type of note is 12%. How much is the carrying amount of the receivable on December 31. 2018?

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