On December 31,2021, LBJ company finished consultation services and accepted in exchange a promissory note with a face value of P200,000, a due date of December 31,2024 and a started rate of 5%, with interest receivable at the end of the each year. The fair value of the service is not readily determinable and the note is not readily marketable. Under the circumstances, the note is considered to have an appropriate imputed rate of interest of 10%. What is the amortized cost of the note on December 31,2022? P 175,131 P182,645 P190,909 P200,000
On December 31,2021, LBJ company finished consultation services and accepted in exchange a promissory note with a face value of P200,000, a due date of December 31,2024 and a started rate of 5%, with interest receivable at the end of the each year. The fair value of the service is not readily determinable and the note is not readily marketable. Under the circumstances, the note is considered to have an appropriate imputed rate of interest of 10%. What is the amortized cost of the note on December 31,2022? P 175,131 P182,645 P190,909 P200,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On December 31,2021, LBJ company finished consultation services and accepted in exchange a promissory note with a face value of P200,000, a due date of December 31,2024 and a started rate of 5%, with interest receivable at the end of the each year. The fair value of the service is not readily determinable and the note is not readily marketable. Under the circumstances, the note is considered to have an appropriate imputed rate of interest of 10%. What is the amortized cost of the note on December 31,2022?
P 175,131
P182,645
P190,909
P200,000
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