On April 1, 2028, A Company issued a P 9,000,000 non-interest-bearing note due March 31, 2031, for a piece of land with a cash price of P 6,949,800. Effective interest rate is 9%. Determine the interest expense for the year ended December 31, 2028 Round off final answer to the nearest peso.
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57.
On April 1, 2028, A Company issued a P 9,000,000 non-interest-bearing note due March 31, 2031, for a piece of land with a cash price of P 6,949,800. Effective interest rate is 9%. Determine the interest expense for the year ended December 31, 2028
Round off final answer to the nearest peso.
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- Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual interest rate of 3.5%, due in 6 months. What journal entry is created when Jain honors the note?On April 1, 2028, A Company issued a P 9.000,000 non-interest-bearing note due March 31, 2031, for a piece of land with a cash price of P 6,949,800. Effective interest rate is 9%. Determine the interest expense for the year ended December 31, 2028 Round off final answer to the nearest peso.
- On April 1, 2028, Dugong Company issued a P 9,000,000 non-interest-bearing note due March 31, 2031, for a piece of land with a cash price of P 6,949,800. Effective interest rate is 9%. Determine the interest expense for the year ended December 31, 2028 Round off final answer to the nearest peso.A company issued a P3 million three-year non-interest-bearing note on January 1, 2021, for a piece of land. The note was payable in three equal annual installments every December 31 starting December 31, 2021. The cash price equivalent of the land on January 1, 2021, was P2,401,800. What is the balance of the discount on notes payable on December 31, 2021? Note: Round off PV factor to 4 decimals. round off final answer to the nearest pesoA note payable to the Bank of the Giniling Islands for P2,400,000 is outstanding on December 31, 2022. The note is dated October 1, 2022, bears interest at 18%, and is payable in three equal annual installment of P800,000. The first interest and principal payment was made on October 1, 2022. How much is the current portion related to the note on December 31, 2022?
- On January 1, 2021, Diggs Co. lends some money in exchange for a 10% $100,000 10-year note. The market rate for similar notes is 8%. Interest is received semiannually each July 1 and January 1. The financial year ends December 31. Round to the nearest whole number. (Hint: Prepare a partial amortization schedule to July 1, 2023) a. The note is issued at ___________(par / premium / discount) b. The present value of the note is $______________ c. The cash received at July 1, 2021 is $__________________ d. The interest income to Diggs Co. at December 31, 2022 is $_________________ e. The carrying amount of the note at July 1, 2023 is $__________________On May 1, 2018, the DCM issued a 9% promissory note with a face value of ₱8,339,760 for a piece of land. The principal and interest, compounded annually, are due on April 30, 2021. How much will the Notes payable will be shown on December 31, 2020 statement of financial position?65. Borrowed P100,000 by issuing a 1-year note with 7% annual interest to Century Savings Bank on October 1, 2021. What is the adjusting entry on December 31, 2021? A. Debit: Interest Expense and Credit: Interest Payable P1,750 B. Debit: Interest Expense and Credit. Interest Payable P7,000 C. Debit: Interest Expense and Credit: Interest Payable P3,500 D. Debit: Interest Expense and Credit: Interest Payable P5,250
- Indicate the best answer(s) for each question: On June 1, 2018, Coast Financial loaned Barr corporation $300,000, receiving in exchange a one-year, 12 percent per year note receivable. Coast ends its fiscal year on December 31 and makes adjusting entries to accrue interest earned on all notes receivable. The interest earned on the note receivable from Barr Corporation during 2018 will amount to: a $36,000 b $28,000 c $18,000 d $21,00022. Subject :- Accounting On August 1, 2022, Colombo Company's treasurer signed a note promising to pay $120,300 onDecember 31, 2022. The proceeds of the note were $116,100.b. Calculate the effective interest rate (APR) on the loan.Note: Enter your answer as a percentage rounded to 1 decimal place (i.e., 32.1).Effective interest rateOn January 1, 2021, Chantal Company purchased equipment from Heidi Company amounted to P2,400,000. Chantal issued a noninterest-bearing note with an effective interest rate of 9% as payment. It is payable in 8 equal payments beginning January 1, 2021, and afterward, every end of the year. (Use 2 decimal places for PVF). How much is the present value of the note payable on December 31, 2021?
