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How much is the carrying amount of the receivable

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Q1) On January 1, 2018, Audi Corporation sold equipment costing P380,000 with accumulated depreciation of P160,000 on the date of sale. Audi received as consideration for the sale, a P400,000 non-interest-bearing note, due January 1, 2021. The 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 on January 1, 2019 was 10%. The present value of 1 at 10% for three periods is 0.75. In Audi's 2019 statement of comprehensive income, how much should be reported as interest income?

Q2) On January 1, 2019, BTS Co. sold a transportation equipment with a historical cost of P1,000,000 and accumulated depreciation of P300,000 in exchange for cash of P100,000 and a noninterest-bearing note receivable of P800,000 due on December 13, 2021. The prevailing rate of interest for this type of note is 12%. How much is the carrying amount of the receivable on December 31, 2020?

Reference no: EM132966867

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