Problem 6-6 (AICPA Adapted) Remarkably Company had the following account balances on January 1, 10204 Note rearivable from sale ofan alla building Name resolvable from an officer 31000:090 The P7,500.060 note receivable is dated May 1, 2019, beam interest at ON and represents the balance of the consideration resolved from the sale of an idle building to Solid Company, Principal payments of P2:590,000 plus interest are due annually beginning May 1, 2020 Solid Company med te frat principal and interest payment on May 1. 2090. The P2,000,000 note receivable is dated December 91, 2017, bours interest at 8% and is due on December 31, 2042. The note is due from the president of Remarkable Company Interest is payable annually on Dee mbar 31 and all interest payments were made through December 31, 9020. On July 1, 2020. Remarkable Company sold a parcel of land to Boom Company for 1:1 000 000 under an installment sala contract Boom Company made a PI, 200,000 cash down payment on July 1, 2020, and arened a 4-your TON note for the P9.800,000 The equal annual payments of principal and interest on the note totaled P860,000, payable on July 1 of each year from 2020 through 2024. The fair value of the land at the date of sale was P4000 090 The cost of the land was P3,000 000. Required: 1. Determine the amount of notes receivable including accrued interest that should be classified as current asset on December 31, 2020. 2 Determine the amount of notes receivable that should be classified as noncurrent asset on December 31, 2020. 178