On April 1, 2028, A Company issued a P 9,000,000 non-interest-bearing note due March 31, 2031, for

Fantastic news! We've Found the answer you've been seeking!

Question:

On April 1, 2028, A Company issued a P 9,000,000 non-interest-bearing note due March 31, 2031, for a piece of land with a cash price of P 6,949,800. Effective interest rate is 9%. Determine the interest expense for the year ended December 31, 2029

Round off final answer to the nearest peso.

Related Book For answer-question

Intermediate Accounting

ISBN: 978-0324592375

17th Edition

Authors: James D. Stice, Earl K. Stice, Fred Skousen

See More Books

Posted Date: May 16, 2022 12:34 AM

See More Questions

On 31 December 2017 Real Estate Company issued K300, 000 of 10% bonds. The bonds are due on January 1, 2023, with interest payable each July 1 and January 1. The bonds are issued to yield 8%...
Question 1. This question is based on a journal article that appeared in the New England Journal of Medicine: Gawande AA et al., "Risk factors for retained instruments and sponges after surgery."...
Question 3 Find the equation of the plane containing the point P(0, 2, 5) and the line r(t) =(2, 1, 5) + t(2, -3, -2). [Hint: First find two vectors parallel to the plane (that is, find two vectors...
Present entries to record the following summarized operations related to production for a company using a job order cost system: (a) Materials purchased on account $176,000 (b) Prepaid expenses...
What is convergence? Product-line diversification? Economies of scale and scope? Why might they be of considerable importance for banks and other financial-service firms?
13. A 5.0-kg box slides down on the surface on a ramp (incline) that rises at 37 above the horizontal. If the acceleration of the box is 7.2 m/s, what is the force of friction on the box? (The x-...
Why is the natural frequency given by Rayleigh's method always larger than the true value of $\omega_{1}$ ?
Delph Manufacturing Company is going to purchase an auto parts component from one of two competing suppliers. Delph is going to base its decision, in part, on the supply chain performance of the two...
Find the derivative. h'(t) h(t) = ln(et 4t) -
Vulture Sporting Goods reported the following data at March 31, 2010, with amounts adapted in thousands: Vulture Sporting Goods Company Income Statement For the Year Ended March 31, 2010 (Amounts in...
The concentration of E. coli bacteria in a swimming area is monitored after a storm: The time is measured in hours following the end of the storm and the unit CFU is a "colony forming unit" Use this...
Is the area of a college campus discrete or continuous?
_______________are highly unreliable in part because people who have strong opinions are more likely to participate. In Exercises 35, fill in each blank with the appropriate word or phrase.
_____________________ variables are quantitative variables that can take on any value in some interval.
A vocabulary test was given to students at an elementary school. The students ages ranged from 5 to 11 years old. It was found that the students with larger vocabularies tended to be taller than the...
A theater concession stand sells soft drink and popcorn combos that come in sizes small, medium, large, and jumbo. True or false: a. Size is a qualitative variable. b. Size is an ordinal variable. c....
Classical conditioning assumes that learning is essentially an associative process whereby the relationship between an unconditioned stimulus and conditioned stimulus develops through repetition and...
In a nonmagnetic medium, E = 50 cos (10 9 t 8x) a y + 40 sin (10 9 t 8x) a z V/m find the dielectric constant r and the corresponding H.
Jennifer Stack acquired $50,000 of Oldtown Corp. 9% bonds on July 1, 2008. The bonds were acquired at 92; interest is paid semiannually on March 1 and September 1. The bonds mature September 1, 2015....
Refer to Problems 19-41 and 19-42. Instructions: 1. What is the notional value of the lobster forward contract described in Problem 19-41? What is the fair value of the forward contract during its...
Smalltown Grocers sold its plant facilities to United Grocers, Inc., for $813,487. United immediately leased the building back to Smalltown for 20 annual payments of $96,000 with the first payment...
What does it mean to say that the demand for resources is a derived demand? Is the demand for all goods and services a derived demand?
Using the data in exercise 2, determine how many units of resources the firm will want to acquire. Data from in exercise 2 Using the information in the following table, calculate the marginal revenue...
Using the information in the following table, calculate the marginal revenue product (MRP = MPP MR). Unit of Resources Total Resource Output Price Price 1 10 $5 $10 2 25 $5 $10 345 35 $5 $10 40 $5...

On April 1, 2028, A Company issued a P 9,000,000 non-interest-bearing note due March 31, 2031, for

Question:

Expert Answer:

Carrying value of Note on April 1 2028 P694980000 Add Interest Expense on December ... View the full answer

Intermediate Accounting

Students also viewed these accounting questions