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What the car is in amount of the loan as of december is

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Reference no: EM133012141

Filipigay Company has an overdue note receivable from Filipiboy Company for P300,000. The note was dated January 1. 2008. It has an annual interest rate of 9%, and interest is paid December 31 of each year. Filipiboy paid the interest on the note on December 31, 2008, but Filipiboy did not pay the interest due in December Of 2009. The current effective interest rate IS 6%

On January 1, 2010, Filipigay agrees to the following restructuring arrangement

  • Reduce the principal to P250,000 forgive recorded accrued interest.
  • Reduce the Interest rate to 6% extend the maturity date of the note to December 31, 2012.

Round off present value factors to four decimal places.

Problem 1: The present value of the future cash flows of the restructured loan is

Problem 2: The loss on impairment Of loan to De recognized by filipigay in 2010 is

Problem 3: The discount to be recognized on January 1, 2010 is

Problem 4: The interest income to be recognized in 2010 is

Problem 5: The car is in amount of the loan as of December 31. 2010 is

Reference no: EM133012141

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