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On October 1, 2021, Home Company issued to Security Bank a P6,000,000, 8-month, non-interest bearing note. The bank discounted the note payable at 12%. Complete
On October 1, 2021, Home Company issued to Security Bank a P6,000,000, 8-month, non-interest bearing note. The bank discounted the note payable at 12%. Complete the table below: Oct 1, 2021 Dec 31, 2021 Dec 31, 2022 STATEMENT OF FINANCIAL POSITION Note payable Discount on note payable Net 6,000,000 6,000,000 0 STATEMENT OF COMPREHENSIVE INCOME Interest expense
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