Question
On January 1, 2022, Marshall Corporation acquired an equipment for P1,000,000 payable in four equal annual installment every December 31 starting December 31, 2022. There
On January 1, 2022, Marshall Corporation acquired an equipment for P1,000,000 payable in four equal annual installment every December 31 starting December 31, 2022. There is no agreed interest and no cash price is available for the equipment. The prevailing market interest rate for this type of note is 12%.
(PVF 3 Decimal)
How much is the non-current portion of notes payable on December 31, 2022?
How much is the carrying value of the notes on December 31, 2022?
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Introductory Accounting Finance And Auditing For Lawyers
Authors: Lawrence Cunningham
6th Edition
0314280456, 978-0314280459
