This instrument is: Not negotiable because it is not payable to order or bearer. O b. Not negotiable because it is not a draft. O c. Negotiable because it satisfies the elements of negotiability. O d. Negotiable because it is a two party promissory note.
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- Bruno Mars Company enters into a contract with John Legend to deliver Products X and Y in exchange for a non- interest bearing note with a face value of P192,685.38, on January 1, 2020. Product X will be delivered in December 31, 2021 and Product Y in December 31, 2024. Upon delivery of product X, Bruno Mars will receive P42,135 and the remaining P150,550.38 will be received upon delivery of Product Y. The contract is non-cancellable. Bruno normally sells Product X at P43,750 cash price equivalent while Product Y can be sold at P131,250. Nonetheless, due to the nature of the bundled purchase, John Legend is given a favorable pricing. A financing rate of 6% is appropriate based on Bruno’s credit-standing at contract inception. Bruno uses December 31 as its year end. How much total revenue can Bruno report in its December 31, 2021 income statement? How much total revenue can Bruno report in its December 31, 2024 income statement?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 P200,000M issues a negotiable BOE payable to P or order for P10,000. P endorsed the instrument to A, then A to B, then B to C, then C to D. D presents the instrument to the drawee, but the drawee dishonored the instrument. From whom can D seek immediate recourse? a. M-C-B-A b. any of M,P,A,B,C without any particular order c. M and P first, then C, then B, then A d. C-B-A-P-M
- 22. On December 31, 2020, Ebasan Company finished consultation services and accepted in exchange a promissory note with a face value of P300,000, a due date of December 31, 2023, and a stated rate of 5%, with interest receivable at the end of each year. The fair value of the services 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%, The service revenue to be recognized for the year ended December 31, 2020 is A. 300,000 B. 273,953 C. 262,694 D. 247,920 23. The carrying amount of the note receivable as of December 31, 2021 is A. 300,000 B. 273,953 C. 262,694 D. 247,920A, B, and C owe D, E, and Fan amount of P900,000. When the obligation becomes due, D may demand payment from A in the amount of P300,00. Is this true or false? How do you know if this is a joint or solidary obligation?A , B and C bind themselves to pay D P30,000. Only A received the money as per agreement between A, B and C. On the due date of the obligation, has D the right to demand the full payment of P30,000 from C alone? C and D bind themselves to pay E their loan of 10,000 on a certain date. Is the obligation divisible or indivisible?
- In 2024, Nash Trucking Company negotiated and closed a long-term lease contract for newly constructed truck terminals and freight storage facilities. The buildings were erected to the company's specifications on land owned by another company. On January 1, 2025, Nash Trucking took possession of the leased properties. Although the terminals have a composite useful life of 40 years, the non-cancelable lease runs for 20 years from January 1, 2025, with a bargain purchase option available upon expiration of the lease. The 20-year lease is effective for the period January 1, 2025, through December 31, 2044. Rental payments of $864,000 are payable to the lessor on January 1 of each of the first 10 years of the lease term. Advance rental payments of $345,600 are due on January 1 for each of the last 10 years of the lease. The company has an option to purchase all of these leased facilities for $1 on December 31, 2044. The lease was negotiated to assure the lessor a 6% rate of return. Selected…M issues a negotiable BOE payable to P or order for P10,000. P endorsed the instrument to A, then A to B, then B to C, then C to D. D presents the instrument to the drawee, but the drawee dishonored the instrument. From whom can D seek immediate recourse?On September 1, 2020, SMD Company borrowed P5,000,000, 10%interest-bearing note due in five years. On December 31, 2020, the fairvalue of the note is determined to be P4,350,000. The entity electedirrevocably the fair value option in measuring the note payable. Whatamount of gain/loss from change in fair value of the note payable shouldbe reported for 2020? A. P1,250,000 gainB. P1,250,000 lossC. P650,000 gainD. P650,000 loss
- Current Attempt in Progress On January 2, 2023, Pharoah Inc. sells goods to Coronado Company in exchange for a zero-interest-bearing note with a face value of $7.920, with payment due in 12 months. The fair value of the goods at the date of sale is $7,200 (cost $4,320). Assume that the company chooses to reflect the interest component. (a)Tender company accepted from a customer a P4,000,000, 90-day,12% note dated August 32, 2020. On September 30, 2020, the entity discounted without recourse the note at 15%. However, the proceeds were not received until October 1, 2020. 1. What amount was received from the note receivable discounting? a. 4,017,000 b. 4,120,000 c. 4,103,000 d. 3,965,500 2. What amount should be reported as loss on note receivable discounting? a. 17,000 b. 23,000 c. 40,000 d. 011. An entity received a seven year zero interest bearing note on February 1, 2019 in exchange for a property sold. There was no established exchange price for property and the note has no ready market. The prevailing rate of interest for a note of this type was 7% on February 1, 2019, 6% on December 31, 2019, 8% on February 1, 2020 and 9% on December 31, 2020. What interest rate should be used to calculate the interest revenue from the transaction for the years ended December 31, 2019 and 2020, respectively? a. 0% and 0% b. 7% and 7% c. 7% and 9% d. 6% and 9%