Question
On October 1, 2021, Chrysanthemum Co. purchased equipment by issuing a 9% promissory note with face value o P1,500,000. The note and accrued interest are
On October 1, 2021, Chrysanthemum Co. purchased equipment by issuing a 9% promissory note with face value o P1,500,000. The note and accrued interest are payable in equal amounts of P400,000 every September 30 starting September 30, 2022.
1. What amounts shall be reported as interest payable on December 31, 2022?
2. How much is the interest expense for the year 2023?
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So here in this case 1 Notes payable P1500000 Interest rate 9 First we ...
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Accounting Principles Volume 2
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
8th Canadian Edition
1119502551, 1-119-50255-5, 978-1119502555
