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What is the equipment book value on december

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Reference no: EM133184733

Question - On December 31, 2016, LEONARD COMPANY acquired a piece of equipment from KOTARO Company by issuing a P1,00,000 note, payable in full on December 31, 2020. Leonard's credit rating permits it to borrow funds from its several lines of credit at 10%. The equipment is expected to have a 5-year life and a P150,000 salvage value. The present value of 1 at 10% for 4 periods is 0.68301. What is the equipment's book value on December 31, 2018?

a. P551,767

b. P469,806

c. P491,767

d. P630,000

Reference no: EM133184733

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