On October 1, 2021. Chrysanthemum Co. purchased equipment by issuing a four-year, 9% promissory note with face value of P1,500,000. The note is payable in four equal annual installments of P375,000 plus accrued interest on the unpaid balance every September 30 starting September 30, 2022

1. How much is the interest expense for the year 2022?

2. What amount shall be reported as interest payable on December 31, 2022?

3.How much is the interest expense for the year 2023?

4. What is the carrying value of the note on December 31, 2023?

Answer rating: 100% (QA)

The Interest expense of Year2022 Interest on 15000009 912 1... View the full answer