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ACCOUNTING FOR NOTES RECEIVABLE

12. Ch January 1, 2016, Iron Man Company sold a parcel of land which it has acquired previously for P300,000 and received in exchange a noninterest bearing note whose face value amounted to P600000. The note shall be collected every December 31, as follows P200,000 in 2016; P300,000 in 201T; and P4003000 in 2013. The eective interest rate for a similar note was 6%. Iron Man Company uses calendar the calendar year for reporting purposes. 1. Gain or loss on the sale [if land? 2. Notes receivable reported in the noncurrent portion in the December 31, 2016 statement of nancial position? 3. Interest income for 2013? 13. On January 1, 2016, Flash Company sold used equiprnentto Barry Company and received a noninterest beanng note requiring payment of P40,000 annually for 3 years. The rst payment is due on December 31 , 2016 and the prevailing rate of interest for this type of note at date of issuance was 3%. The equipments carrying amount on January 1, 2016 was P136000. Flash uses calendar the calendar year for reporting purposes. 1. The gain or loss on the sale ofthe equipment is? 2. The amount credited to notes receivable account to record the collecbon on December 31, 2016? 3. Interest income for 2013'? 14. On January 1, 2016, Thor Company sold Asgard Company goods costing P110,000 and received a note having a face amount of P250000. The note requires Asgard Company, the buyer to pay ve equal annual instalment starting January 1 , 2016. No interest rate was stipulated in the note. A note of a similar characteristic would hear a market rate of 3%. Collection of the note is reasonably assured. Thor Company uses calendar the calendar year for reporting purposes. 1. Initial recording to notes receivable on January 1, 2016? 2. Interest income for 201?? 16. On January 1, 2016, Aqua Man Company sold goods costing P2T5,000 to Atlantis Ccrnpany. As payment, Atlantis Company gave Aqua Man Company a PT00,000 face value note. The note bears an interest rate of 4% and shall be repaid in 4 annual instalments of P126000, plus interest based on the outstanding balance. The rst payment is due on December 31, 2016. The market price of the land is not reliably determinable. Prevailing interest rate for a note of this type is 12% 1. Amount recorded as sales? 2. Interest income for 201