QUESTION

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6. Puppy Co. received a non-interest bearing note with face amount of $P 1,000,000$ from a customer on Jan. 1, 20×1. The note is due in five equal annual installments every Dec. 31. The effective interest rate is $12 \%$. How much is the current portion of the note on Dec. $31,20 \times 2$ ? a. 127,104 b. 72,896 c. 137,389 d. 142,356 7. The current and noncurrent portions of Rainy Morning Co.'s noninterest-bearing note receivable on Dec. 31, $20 \times 1$ are $\mathrm{P} 127,104$ and $\mathrm{P} 480,366$, respectively. The note has a face amount of $\mathrm{P} 1 \mathrm{M}$, is dated Jan. $1,20 \times 1$ and is due in 5 equal annual installments every Dec. 31. Rainy Morning Co. reported interest income of $P 86,515$ in $20 \times 1$ and $\mathrm{P} 72,896$ in $20 \times 2$. How much is unamortized discount on the note on Dec. $31,20 \times 3$ ? a. 661,990 b. 756,224 c. 56,224 d. 61,990 8. On Jan. 1, 20x1, Meeting Co. received a noninterest-bearing note with face amount of $P 1,000,000$, due in five equal annual installments starting on Jan. 1, 20×1 and every $1^{\text {st }}$ of January thereafter. The current rate on Jan. $1,20 \times 1$ was $12 \%$. How much are the interest income in $20 \times 1$ and the carrying amount of the note on Dec. $31,20 \times 1$, respectively? a. 72,$896 ; 607,470$ c. 72,$896 ; 680,366$ b. 72,$896 ; 480,366$ d. 57,$644 ; 338,010$ 9. On Jan. 1, 20x1, Pakbet Co. received a 3-year, noninterestbearing note with face amount of $\mathrm{P} 2,100,000$ due in equal semi-annual payments every July 1 and December 31. The effective interest rate is $10 \%$. How much are the interest income in $20 \times 1$ and the carrying amount of the note on. $31,20 \times 1$, respectively? c. 124,$591 ; 1,612,083$ a. 164,$591 ; 1,241,083$ d. 164,$591 ; 1,515,317$ b. 88,$825 ; 1,241,083$

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