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Determine the current and non-current portions of the note

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Reference no: EM132903616

Question -

a) On January 1, 20x1, Leld Co. received a P1,000,000, non-interest bearing note in exchange for land with carrying amount of P1,000,000. The note is due in four equal annual installments every Dec. 31. The effective interest rate is 12%.

b) On January 1, 20x1, Sot Co. received a P1,200,000, non-interest bearing note in exchange for land with carrying amount of P1,000,000. The note is due in three equal annual installments every Dec.31. The effective interest rate is 15%.

Required -

Prepare the amortization table.

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

Provide all the necessary journal entries.

Reference no: EM132903616

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