2. On January 1, 20x1, J&J Co. issues a noninterest-bearing note of P3,000,000 in exchange for equipment. The note is due in three equal annual installments every December 31. The effective interest rate is 18%. aibp Requirements: a. Compute for current and noncurrent portions of the note payable on December 31, 20x1. b. Compute for the balance of discount on note payable on December 31, 20x1 and determine how this amount is allocated to the current and noncurrent portions of the note. c. Provide all the entries during the term of the note payable.

On January 1, YR01, Toyota Co. issued a two-year $1,000 note payable. The note bears interest of 7% paid yearly each December 31st. In addition, the principal amount will be paid back in two installments as follows: $400 will be paid back with the interest payment on December 31, YR01 and $600 will be paid back with the interest payment on December 31, YR02. At the date the note was issued, the market rate for similar notes payable was 6%. What is the present value of the note payable at the issue date of January 1, YR01 (assume an annual discounting period and round your final answer to the nearest penny)? a. $1,000.00 b. $1,014.77 c. $1,026.25 d. $ 1, 103.23 e. None of the answers provided are correct

On June 8, Williams Company issued an $74,068, 8%, 120-day note payable to Brown Industries. Assuming a 360-day year for your calculations, what is the maturity value of the note? When required, round your answer to the nearest dollar. a.$79,993 b.$76,043 c.$74,068 d.$5,925

On January 1, 20X1, Bouncy House, Inc. obtains a $50,000, 6 year, 8% installment note for the latest and greatest bouncy house. Bouncy House is required to make annual payments. The first payment occurs on December 31, 20X1. а. Calculate your annual payment amount. b. Create the loan amortization schedule (table). Record the first three journal entries. d. How much total interest does Bouncy House pay on this installment note? С.