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On June 1, 2015, HH Company sold equipment to Il Company. In exchange for a zero-interest bearing note with a face value of P66,000, with
On June 1, 2015, HH Company sold equipment to Il Company. In exchange for a zero-interest bearing note with a face value of P66,000, with payment die in 12 months. The fair value of the equipment on the date of sale was P60.000. What is the amount of revenue to be recognized on this transaction in 2015? Question 20Answer P6,000 P60,000 P66,000 P60,000 sales revenue and P3,500.40 interest revenue
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Fundamental Accounting Principles
Authors: John J Wild, Ken Shaw
25th Edition
1260247988, 978-1260247985
