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Information on a note receivable: Face amount P800,000 Effective Interest 14% PV of P1 @14%, n= 5 0.519369 PV of ordinary annuity of 1 @14 %, n=4 2.91371 PV of annuity of 1@14%, n=5 3.91371 The note is due in five equal annual installments. The first installment is due at initial recognition. What is the carrying amount of the note at initial recognition before any collection? 626,194 567,823 582,742 602,158

Information on a note receivable: Face amount P800,000 Effective Interest 14% PV of P1 @14%, n= 5 0.519369 PV of ordinary annuity of 1 @14 %, n=4 2.91371 PV of annuity of 1@14%, n=5 3.91371 The note is due in five equal annual installments. The first installment is due at initial recognition. What is the carrying amount of the note at initial recognition before any collection? 626,194 567,823 582,742 602,158

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Information on a note receivable: Face amount P800,000 Effective Interest 14% PV of P1 @14%, n= 5 0.519369 PV of ordinary annuity of 1 @14%, n=4 2.91371 PV of annuity of 1@14%, n=5 3.91371 The note is due in five equal annual installments. The first installment is due at initial recognition. What is the carrying amount of the note at initial recognition before any collection? 626,194 567,823 582,742 602,158
Transcribed Image Text:Information on a note receivable: Face amount P800,000 Effective Interest 14% PV of P1 @14%, n= 5 0.519369 PV of ordinary annuity of 1 @14%, n=4 2.91371 PV of annuity of 1@14%, n=5 3.91371 The note is due in five equal annual installments. The first installment is due at initial recognition. What is the carrying amount of the note at initial recognition before any collection? 626,194 567,823 582,742 602,158
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