On October 1, 2021, Chrysanthemum Co. purchased equipment by issuing a 9% promissory note with face value

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On October 1, 2021, Chrysanthemum Co. purchased equipment by issuing a 9% promissory note with face value o P1,500,000. The note and accrued interest are payable in equal amounts of P400,000 every September 30 starting September 30, 2022.

1. What amounts shall be reported as interest payable on December 31, 2022?

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

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Accounting Principles Volume 2

ISBN: 978-1119502555

8th Canadian Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

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Posted Date: Apr 01, 2022 08:30 AM

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On October 1, 2021, Chrysanthemum Co. purchased equipment by issuing a 9% promissory note with face value

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So here in this case 1 Notes payable P1500000 Interest rate 9 First we ... View the full answer

Accounting Principles Volume 2

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