Problem $2$

On October $1,2022,$ The Burgee's Food Corporation purchased three units of baking

equipment by issuing a four$-$year, $9\%$ promissory note with face value of $P2,591,760.$

The note and accrued interest are payable in equal amounts of P$800,000$ every

September $30,$ starting September $30,2023.$ The periodic payment of $P800,000$ is to be

applied first to interest, and the remainder to the principal.

Required:

a$)$ Prepare amortization table over the term of the note.

b$)$ Prepare entries for years $2022$ through $2026$ as a result of the foregoing

c$)$ What amount relating to the note shall be presented as current and non$-$current

liabilities on December $31,2023$ statement of financial position?