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On January 1, 2018, Ko-Quota-Ako Co. acquired a machine by issuing a 3- 1 point year, 3%, P4,000,000 note payable. Principal is due on
On January 1, 2018, Ko-Quota-Ako Co. acquired a machine by issuing a 3- 1 point year, 3%, P4,000,000 note payable. Principal is due on January 1, 2021 but interests are to be paid annually. The prevailing interest rate for this type of note is 12%. How much is the carrying amount of the note on initial recognition? * 3,247,120 0 4,000,000 3,135,340 3,174,309
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Financial and Managerial Accounting
Authors: Horngren, Harrison, Oliver
3rd Edition
978-0132497992, 132913771, 132497972, 132497999, 9780132913775, 978-0132497978
