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On July 1, 2020, ABC Company issued a five-year note payable with a face amount of P5,000,000 and an interest rate of 10%. The terms of the note require ABC Company to make five annual payments of P1,000,000 plus accrued interest with first payment due on June 30, 2021. With respect to the note, the current liabilities section of ABC Company December 31, 2021, balance sheet should include: To input answers, kindly follow the sample format below(no peso sign, with comma, no space): ex. 100,000

On July 1, 2020, ABC Company issued a five-year note payable with a face amount of P5,000,000 and an interest rate of 10%. The terms of the note require ABC Company to make five annual payments of P1,000,000 plus accrued interest with first payment due on June 30, 2021. With respect to the note, the current liabilities section of ABC Company December 31, 2021, balance sheet should include: To input answers, kindly follow the sample format below(no peso sign, with comma, no space): ex. 100,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On July 1, 2020, ABC Company issued a five-year note payable with a face amount of P5,000,000 and an interest rate of 10%. The terms of the note require ABC Company to make five annual payments of P1,000,000 plus accrued interest with first payment due on June 30, 2021. With respect to the note, the current liabilities section of ABC Company December 31, 2021, balance sheet should include: To input answers, kindly follow the sample format below(no peso sign, with comma, no space): ex. 100,000
Transcribed Image Text:On July 1, 2020, ABC Company issued a five-year note payable with a face amount of P5,000,000 and an interest rate of 10%. The terms of the note require ABC Company to make five annual payments of P1,000,000 plus accrued interest with first payment due on June 30, 2021. With respect to the note, the current liabilities section of ABC Company December 31, 2021, balance sheet should include: To input answers, kindly follow the sample format below(no peso sign, with comma, no space): ex. 100,000
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