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Show your solution clearly. 1. On January 1, 20x1, Lala Bus Co. received a 4-year, noninterest bearing note of P1,000,000 in exchange for land with

Show your solution clearly.

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1. On January 1, 20x1, Lala Bus Co. received a 4-year, noninterest bearing note of P1,000,000 in exchange for land with carrying amount of P500,000. The note is due on December 31, 20x4. The effective interest rate is 14%. Requirements: a. Prepare the amortization table. b. Provide all the necessary journal entries

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