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Problem 1 Interest-Bearing Note -Non-Uniform Installments | On January 1, 2018, Davao Co. acquired a machine from Digos Co. In lieu of cash payment, Davao gave Digos a 3-year, 3%, P2,000,000 interest-bearing note payable. The interest is payable every December 31 while the principal shall be payable as follows: December 31, 2018 P1,200,000 December 31, 2019 400,000 December 31, 2020 400,000 The prevailing rate of interest for this type of note is 12% Based on the above data, answer the following: (Carry all decimal places in computing for the PV) 1. How much is the cost of the machinery acquired on January 1, 2018? 2. How much is the interest expense for 2018? 3. How much is the carrying amount of the note on December 31, 2018? How much is the current portion of the note on December 31, 2018? How much is the noncurrent portion of the note on December 31, 2018? -000- Problem 2 Noninterest-Bearing Note - With Cash Price Equivalent | On January 1, 2018, Mati Co. acquired inventory with a list price of P1,300,000 and a cash price of P994,760 by issuing P1,200,000, noninterest-bearing note payable. Principal is due in three equal payments every December 31 beginning on December 31, 2018. The effective rate of interest interpolated for the cash price is 10%. Based on the above data, answer the following: 6. How much is the carrying amount of the note on initial recognition? 7. How much is the interest expense for 2018? 8. How much is the carrying amount of the note on December 31, 2018? 9. How much is the current portion of the note on December 31, 2018? 10. How much is the noncurrent portion of the note on December 31, 2018