On January 1, 2013, BNI Co. sold machinery costing P3,000,000 with accumulated depreciation of P1,200,000 in exchange for a 3-year, P900,000 noninterest-bearing note receivable due as follows: Date Amount of installment December 31, 2013 400,000 December 31, 2014 350,000 December 31, 2015 150,000 Total 900,000 The prevailing rate of interest for this type of note is 10%. How much is the carrying amount of the receivable on December 31, 2013?
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- On January 1, 2018, Sana Madali Lang Company sold machinery costing P5,000,000 with accumulated depreciation of P1,800,000. In consideration for the sale, Sana Madali Lang Company received cash of P100,000 and a P3,000,000 non-interest-bearing note due on December 31, 2021. The prevailing interest rate for a note of this type is 10%. (The PVF of 1 at 10% for 4 years is 0.6830 while the PVF of ordinary annuity at 10% for 4 years is 3.1699) 4. How much is the carrying amount of the note on December 31, 2019? a. P2,329,030 b. P2,401,831 c. P2,561,933 d. P2,253,900 e. P2,479,290On January 1, 2022. TGIG sold equipment with historical cost of P10,000,000 and accumulated depreciation of P5,500,000 in exchange for a P6,000,000 non-interest bearing note due in annual installments as follows: December 31, 2022 – P3,000,000 December 31, 2023 – P2,000,000 December 31, 2024 – P1,000,000 There was no exchange price for the equipment. The prevailing rate of interest for a note of this type on January 1, 2022 was 10%. (Round off present value factors to four decimal places.) Your answerOn January 1, 2017, Persephone Company sold a piece of transportation equipment with a historical cost of P1,000,000 and accumulated depreciation of P300,000 in exchange for cash of P100,000 and a noninterest-bearing note receivable of P800,000 due on January 1, 2020. The prevailing rate of interest for this type of note is 12%. How much is the carrying amount of the receivable on December 31, 2018?
- What is the carrying amount of the note as of December 31, 2022? On January 1, 2022. TGIG sold equipment with historical cost of P10,000,000 and accumulated depreciation of P5,500,000 in exchange for a P6,000,000 non-interest bearing note due in annual installments as follows: December 31, 2022 - P3,000,000 December 31, 2023 - P2,000,000 December 31, 2024 - P1,000,000 There was no exchange price for the equipment. The prevailing rate of interest for a note of this type on January 1, 2022 was 10%. (Round off present value factors to four decimal places.)On January 1, 2010, WPK Co. sold a transportation equipment with a historical cost of P1,000,000 and accumulated depreciation of P300,000 in exchange for cash of P100,000 and a noninterest-bearing note receivable of P800,000 due on January 1, 2013. The prevailing rate of interest for this type of note is 12%. What is the net effect of the transaction in WPK's 2010 profit or loss?On January 1,2021, Gale Co. sold delivery equipment costing ₱1,000,000 with accumulated depreciation of ₱150,000 in exchange for a 3-year, ₱1,800,000 noninterest-bearing note receivable due as follows: Expected date of collection Amount of cash flow 31-Dec-2021 ₱1,000,000 31-Dec-2022 600,000 31-Dec-2023 200,000 ₱1,800,000 The prevailing rate of interest for this type of note is 12%. Based on the above data, answer the following: 1. How much is current portion of the note on December 31,2021? a. ₱600,000 c. ₱83,425 b. ₱516,575 d. ₱178,635 2. How much is the noncurrent portion of note on December 31,2021? a. ₱600,000 c. ₱83,425 b. ₱516,575 d. ₱178,635
- On January 1,2021, Gale Co. sold delivery equipment costing ₱1,000,000 with accumulated depreciation of ₱150,000 in exchange for a 3-year, ₱1,800,000 noninterest-bearing note receivable due as follows: Expected date of collection Amount of cash flow 31-Dec-2021 ₱1,000,000 31-Dec-2022 600,000 31-Dec-2023 200,000 ₱1,800,000 The prevailing rate of interest for this type of note is 12%. Based on the above data, answer the following: 1. How much is the gain or loss on sale of delivery equipment in 2021? a. Nil c. ₱513,580 b. ₱663,580 d. ₱1,513,580 2. How much is the interest income of 2021? a. Nil c. ₱83,425 b. ₱181,630 d. ₱188,728 3. How much is the carrying amount of the note on December 31,2021? a. ₱695,210 c. ₱178,635 b. ₱876,008 d. ₱512,399 4. How much is current portion of the note on December 31,2021? a. ₱600,000 c. ₱83,425 b. ₱516,575 d. ₱178,635 5. How much is the noncurrent portion of note on December 31,2021? a. ₱600,000 c. ₱83,425 b. ₱516,575 d. ₱178,635On February 1, 20x1, TSR Co. sold machinery with historical cost of P3,000,000 and accumulated depreciation of P900,000 in exchange for a 3-year, P2,100,000 noninterest-bearing note receivable due in equal semi-annual payments every August 1 and February 1 starting on August 1, 20x1. The prevailing rate of interest for this type of note is 10%. How much is the interest income in 20x2?What is the carrying amount of the note as of December 31, 2022? On January 1, 2022. TGIG sold equipment with a historical cost of P10,000,000 and accumulated depreciation of P5,500,000 in exchange for a P6,000,000 non-interest-bearing note due in annual installments as follows: December 31. 2022 - 3, 000, 000 December 31, 2023 - 2, 000, 000 December 31 2024 - 1, 000, 000 There was no exchange price for the equipment. The prevailing rate of interest for a note of this type on January 1, 2022, was 10%. (Round off present value factors to four decimal places.
- On January 1, 2017, Persephone Company sold a piece of transportation equipment with a historical cost of P1,000,000 and accumulated depreciation of P300,000 in exchange for cash of P100,000 and a noninterest-bearing note receivable of P800,000 due on January 1, 2020. The prevailing rate of interest for this type of note is 12%. How much is the interest income in 2017?On January 1, 2022, State Co. sold an equipment to Nation Co. The latter issued a five-year P500,000, 10% note to State Co. The note requires interest to be paid annually every December 31 starting December 31, 2022 until the maturity of the note on December 31, 2026. The equipment has a cost of P1,000,000 and accumulated depreciation as of January 1, 2022 of P550,000. The prevailing interest rate for a note of this type is 12%What amount should be reported as gain (loss) on sale of equipment? (Round off PV factors to four decimal places.)On January 1, 2022, State Co. sold an equipment to Nation Co. The latter issued a five-year P500,000, 10% note to State Co. The note requires interest to be paid annually every December 31 starting December 31, 2022 until the maturity of the note on December 31, 2026. The equipment has a cost of P1,000,000 and accumulated depreciation as of January 1, 2022 of P550,000. The prevailing interest rate for a note of this type is 12%What amount should be reported as gain (loss) on sale of equipment? (Round off PV factors to four decimal places.) O 13,940 gain 13,940 loss 50,000 gain O 50,000 loss O Answer not given