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Find the Notes Payable of Thorn

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Question - On October 1, 2017, Thorn Corporation purchased two (2) new company automobiles from Isuzu Corporation. The terms of the sale called for Thorn to pay P1,747,200 on October 1, 2018. Thorn gave Isuzu a non-interest bearing note for this amount. At the date of purchase, the interest rate for short-term loans of this type was 12%.

1. On December 31, 2017, find the balance of Discount on Notes Payable?

2. On December 31, 2017, find the Notes Payable of Thorn would be presented in the balance sheet?

Reference no: EM132640464

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