On January 1, 2021, Takemichi Company sold a piece of equipment to Hina Company with a cost of P3,400,000 and accumulated depreciation of P600,000 in exchange for an annual 8% interest-bearing note, P4,000,000. Hina company is required to make five annual payments of principal plus interest. Questions: What is the interest income for the year 2024?  How much is the total proceeds of Takemichi for the year 2025?

Q: On January 1, 2021, More Co. received a 3-year, noninterest bearing note of P900,000 in exchange for…

A: Noninterest-bearing notes receivable refers to the notes receivable that do not carry periodic…

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A:

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A: Here discuss about the details of the Restructure of the Notes Payable after incurred the financial…

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A: Loss on repossession is the loss on the sale of goods that are taken back because of non-payment of…

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A: The original question provides a scenario where ABC Company buys three hectares of land for P800,000…

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A: Note:- Since you have asked multiple questions in a single question, we will solve the first…

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A: In order to recognize the impairment loss on December 31,2019 we need to determine the book value of…

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A: Lets understand the basics. Compounded interest means interest on interest. In other words, it is a…

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A: The question is based on the concept of Accounting Standard on Borrowing Cost.

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A: Face value of non-interest bearing note  P1,50,00,000 Interest Rate 15% Period  5 years…

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A: Carrying amount of the Note = Present value of the annual instalments where, Present value of the…

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A: I am answering the first question as per bartleby policies. Please re-submit the remaining questions…

Q: Lathrop Inc. purchased equipment on January 1, 2020, for $30,000 cash plus a note payable. The fair…

A: Mortgage Note Payable - A mortgage note payable is a written promise to repay a specific amount of…

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A: The Company's financial year ends on December 31st, and  interest is collected on 1st October, so…

Q: On April 1, 2028, A Company issued a P 9.000,000 non-interest-bearing note due March 31, 2031, for a…

A: Interest expense = P469,112

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A: Pay as you earn system or tax deduction at source in some countries are the advance tax payment…

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A: Date  Accounts, explanation and title  Debit  Credit  1 January 2020  Equipment (542,666 -…

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A: Cash price of equipment = Down payment + Present value of installments = P1,000,000 + (P4,000,000 -…

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A: >Long Term assets are recorded in the books of account at their acquisition cost. >If these…

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A: Promissory notes, commonly referred to as notes receivable or simply "notes," are monetary…

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A: Face value of Note = Cost of land - down payment = 21,000,000 - 5,000,000  = 16,000,000

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A: Accrual accounting records revenue and expenses when they are earned or incurred, regardless of when…

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A: As interest received on 31st Aug each year but the company have to make an entry for accrued income…

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A: Given information:Face value of the note = $570,000Cash received (initial proceeds) =…

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A: Installment sales :— one of the regular payments that you make for something until you have paid the…

Q: On January 1,2021, Mickey Mouse Corporation sells a Furniture and Fixtures costing P2,500,000 and…

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Q: On December 31, 2020, Pearl Limited acquired a machine from Pronghorn Corporation by issuing a…

A: The value of note is the calculated by discounting the amount payable at future date at appropriate…

Q: On January 1, 2022, ABC Company signed a note payable to a bank for P3,000,000 with a stated rate of…

A: The notes payable are generally considered a long-term liability because it is issued normally for a…

Q: On January 1, 2019, Lala Company received an P800,000, 8%, 2 year note from Move Corporation as…

A: Annual installment = Total amount to be collected / no. of installment = 600000/3 = P200,000

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A: Note payable is the liability which increases due to the purchases made on credit.

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A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

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A: If payments terms on acquisition of property plant and equipment are beyond the normal credit terms…

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A: Note receivable is an asset which binded with a promissory note. This promissory note includes term…

Q: On January 1, 2020, Heavy Corporation that manufactures heavy equipment sold an equipment for…

A: In the instalments type of sale, the income is not recognized until full instalments are received…