Question: PLEASE ANSWER ASAP WITH SOLUTION On December 31, 2019 Jan company sold used equipment with carrying amount of P2,000,000 in exchange for a non interest

PLEASE ANSWER ASAP WITH SOLUTION

On December 31, 2019 Jan company sold used equipment with carrying amount of P2,000,000 in exchange for a non interest bearing note of P 5,000,000 requiring ten annual payments of P 500,000. The first payment was made on December 31, 2020. the market interest for similar note was 12%. the present value of an ordinary annuity of 1 is 5.65 for ten periods and 5.33 for nine periods.

what is the carrying amount of notes receivable on December 31, 2020?

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