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Please i need answer now please On January 1, 2018, Sana Madali Lang Company sold machinery costing P5,000,000 with accumulated depreciation of P1,800,000. In consideration
Please i need answer now please
On January 1, 2018, Sana Madali Lang Company sold machinery costing P5,000,000 with accumulated depreciation of P1,800,000. In consideration for the sale, Sana Madali Lang Company received cash of P100,000 and a P3,000,000 non-interest-bearing note due on December 31, 2021. The prevailing interest rate for a note of this type is 10%. (The PVF of 1 at 10% for 4 years is 0.6830 while the PVF of ordinary annuity at 10% for 4 years is 3.1699) 1. How much is the carrying amount of the note on initial recognition? a. P3,000,000 d. P2,117,300 b. P5,000,000 e. P9,509,700 C. P2,049,000 2. How much is the loss on sale of machinery? a. P1,051,000 d. P982,700 b. P1,082,700 e. P2,851,000 c. P1,151,000 3. How much is the interest income for 2019? a. P225,390 d. P232,903 b. P204,900 e. P300,000 c. P211,730 4. How much is the carrying amount of the note on December 31, 2019? a. P2,329,030 d. P2,253,900 b. P2,401,831 e. P2,479,290 C. P2,561,933
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