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Compute for the initial measurement of the receivable

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Problem 1 - On January 1, 2018, enigma Company sold an equipment costing P500,000 which had a carrying amount of P350,000, receiving a P125,000 down payment and, as additional consideration, a P400,000 noninterest bearing note due on January 1, 2021. There was no established exchange price for the equipment, and the note had no ready market. The prevailing rate of interest for a note of this type at January 1, 2011 was 12%. The present value of 1 at 12% for three periods is 0.7118. Prepare all journal entries for 2018, 2019, 2020 and 2021.

Problem 2 - An entity sells goods for P150,000 to a customer who was granted a special credit period of 1 year. The entity normally sells the goods for P120,000 with a credit period of one month or with a P10,000 discount for outright payment in cash. Compute for the initial measurement of the receivable?

Reference no: EM132876267

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