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How to determine the interest expense for the year

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Reference no: EM132578897

On April 1, 2015, the KFC Delivery Service issued a P9,000,000 non-interest bearing note due March 31, 2018 for a piece of land with a cash price of P6,949,800,

REQUIRED:

Question (a) Determine the effective interest rate of this note.

Question (b) Determine the interest expense for the year ended December 31, 2015.

Question (c) Determine the carrying amount of the note at December 31, 2015.

Reference no: EM132578897

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