7. At the beginning of 2023, ROWENA issued a five-year, noninterest-bearing promissory note with face amount...

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7. At the beginning of 2023, ROWENA issued a five-year, noninterest-bearing promissory note with face amount of P5,000,000 for the purchase of an equipment. The note is payable in equal annual installments of P1,000,000 starting on December 31, 2023. Market rates as of January 1, 2023 and December 31, 2023 averaged 10% and 11%, respectively. Required: Determine the journal entries for the years 2023 and 2024. 8. On October 1, 2023, LESLIE Company acquired a land by issuing a seven-year noninterest-bearing promissory note with face amount of P8,400,000. The note is payable in seven equal annual installments every September 30 of each year, starting in the year 2024. Market rates on the issuance date averaged 8%. Required: Determine the journal entries for the years 2023 and 2024. On January 1, 2023, JERICHO Company acquired a building by issuing a six-year, 3% interest-bearing promissory note with face amount of P7,000,000. Market rates as of that date averaged 9%. Interest is payable every December 31 of each year. Required: Determine the journal entries for the years 2023 and 2024. 000.000 inuom D. On April 1, 2023, JAMES Company had a financial liability issued for the acquisition of investments in equity securities. The P6,000,000 face amount financial liability has a maturity date of March 31, 2028 and interest per annum of 12%. On initial recognition, this financial liability was irrevocably designated at FVTPL. As of December 31, 2023 and 2024, the financial liability had fair values of P5,600,000 and P5,750,000, respectively. There were no changes in the Company's own credit risk. Required: Determine the journal entries for the years 2023 and 2024. 014 sups 7. At the beginning of 2023, ROWENA issued a five-year, noninterest-bearing promissory note with face amount of P5,000,000 for the purchase of an equipment. The note is payable in equal annual installments of P1,000,000 starting on December 31, 2023. Market rates as of January 1, 2023 and December 31, 2023 averaged 10% and 11%, respectively. Required: Determine the journal entries for the years 2023 and 2024. 8. On October 1, 2023, LESLIE Company acquired a land by issuing a seven-year noninterest-bearing promissory note with face amount of P8,400,000. The note is payable in seven equal annual installments every September 30 of each year, starting in the year 2024. Market rates on the issuance date averaged 8%. Required: Determine the journal entries for the years 2023 and 2024. On January 1, 2023, JERICHO Company acquired a building by issuing a six-year, 3% interest-bearing promissory note with face amount of P7,000,000. Market rates as of that date averaged 9%. Interest is payable every December 31 of each year. Required: Determine the journal entries for the years 2023 and 2024. 000.000 inuom D. On April 1, 2023, JAMES Company had a financial liability issued for the acquisition of investments in equity securities. The P6,000,000 face amount financial liability has a maturity date of March 31, 2028 and interest per annum of 12%. On initial recognition, this financial liability was irrevocably designated at FVTPL. As of December 31, 2023 and 2024, the financial liability had fair values of P5,600,000 and P5,750,000, respectively. There were no changes in the Company's own credit risk. Required: Determine the journal entries for the years 2023 and 2024. 014 sups

Answer rating: 100% (QA)

Lets tackle each scenario one by one 7 ROWENA Company Noninterestbearing promissory note for equipment Year 2023 January 1 2023 Equipment Debit P50000... View the full answer