The new date of maturity is December 31, 2024. How much is the gain on modification? Reduction
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The new date of maturity is December 31, 2024. How much is the gain on modification?· Reduction of the interest rate of 14% by 3% payable every yearend starting 2020. · Reduction of the principal amount of P4,000,000 by P1,000,000. · Forgiveness of the accrued interest of P420,000. ·creditor granted the following concessions to Clipper Company for its overdue note payable on December 31, 2019.
1,728,877
1,546,885
1,419,853
1,087,222
Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
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