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On January 1, 2021, Charlie Company received a promissory note from Nimbus Corporation for goods sold with a face value of P200,000.00, a 3-year term

On January 1, 2021, Charlie Company received a promissory note from Nimbus Corporation for goods sold with a face value of P200,000.00, a 3-year term at 10%, with interest payable at the end of each year. The effective rate was 12%.

Table factor rates for three periods:

Interest Rate 10% 12%
Present Value of P1 0.751314801 0.711780248
Present Value of Ordinary Annuity of P1 2.486851991 2.401831268

How much is the carrying value of the notes on December 31, 2022?

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