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Determine the current and non-current portions of the note

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Problem - On January 1, 20x1, Stand Co. received a 3-year, noninterest- bearing note of P300,000 in exchange for equipment with historical cost of P1,000,000 and accumulated depreciation of P700,000. The note is due in three equal annual installments of P100,000 every December 31. The effective interest rate is 10%.

Requirements -

a. Prepare the amortization table.

b. Determine the current and non-current portions of the note on December 31, 20x1.

Reference no: EM132898340

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