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On January 1, 2019, Davao Inc. acquired a machine from Cebu Inc. in exchange for a 3-year, 3% 2,000,000 note payable. The interest is payable

On January 1, 2019, Davao Inc. acquired a machine from Cebu Inc. in exchange for a 3-year, 3\% 2,000,000 note payable. The interest is payable every December 31 , while the principal is payable in the following installments. The Prevailing Interest rate is 12% a. How much is the cost of the machinery acquired on January 1, 2019 b. How much is the interest expense for 2019 ? c. How much is the current portion of the note on December 31,2019 d. How much is the non-current portion of the note on December 31, 2019? e. Prepare Journal Entries for 2019 On January 1, 2019, Davao Inc. acquired a machine from Cebu Inc. in exchange for a 3-year, 3% 2,000,000 note payable. The interest is payable every December 31 , while the principal is payable in the following installments. The Prevailing Interest rate is 12% a. How much is the cost of the machinery acquired on January 1, 2019 b. How much is the interest expense for 2019 ? c. How much is the current portion of the note on December 31,2019 d. How much is the non-current portion of the note on December 31, 2019? e. Prepare Journal Entries for 2019

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