On January 1, 2021, ABC Compan

On January 1, 2021, ABC Company sold property to the DEF Company. There was no established exchange price for the property, and DEF gave ABC a P2,000,000 non-interest bearing note payable in 5 equal annual installments of P400,000, with the first payment due December 31, 2021. The prevailing rate of interest for a note of this type is 9%.

What amount from the carrying value of the notes shall be presented as part of the non-current liabilities as of December 31,2023?

On January 1, 2021, ABC Compan

On January 1, 2021, ABC Company sold property to the DEF Company. There was no established exchange price for the property, and DEF gave ABC a P2,000,000 non-interest bearing note payable in 5 equal annual installments of P400,000, with the first payment due December 31, 2021. The prevailing rate of interest for a note of this type is 9%.

What amount from the carrying value of the notes shall be presented as part of the non-current liabilities as of December 31,2023?

 
P 703,644.47
P  336,672.00
P  366,972.48
P  308,873.39

On January 1, 2021, ABC Compan

On January 1, 2021, ABC Company sold property to the DEF Company. There was no established exchange price for the property, and DEF gave ABC a P2,000,000 non-interest bearing note payable in 5 equal annual installments of P400,000, with the first payment due December 31, 2021. The prevailing rate of interest for a note of this type is 9%.What should be the balance of the Discount on Notes Payable account on the books of ABC Company at December 31, 2022 after adjusting entries are made assuming that the effective interest method is used?

On January 1, 2021, ABC Compan

On January 1, 2021, ABC Company acquired all of the assets and assumed all of the liabilities of XYZ, Inc. As of this date, the carrying amounts and fair values of the assets and liabilities of XYZ acquired by ABC are shown below: (see image) On the negotiation for the business combination, ABC Co. incurred transaction costs amounting to ₱400,000 for legal, accounting, and consultancy fees. If ABC Co. paid ₱6,000,000 cash as consideration for the assets and liabilities of ABC, Inc., how much is the goodwill on the business combination? 

On January 1, 2021, ABC Compan

On January 1, 2021, ABC Company acquired all of the assets and assumed all of the liabilities of XYZ, Inc. As of this date, the carrying amounts and fair values of the assets and liabilities of XYZ acquired by ABC are shown below: (see image) On the negotiation for the business combination, ABC Co. incurred transaction costs amounting to ₱400,000 for legal, accounting, and consultancy fees. If ABC Co. paid ₱6,000,000 cash as consideration for the assets and liabilities of ABC, Inc., how much is the goodwill (gain on bargain purchase) on the business combination? 

On January 1, 2021, ABC Compan

On January 1, 2021, ABC Company acquired all of the assets and assumed all of the liabilities of XYZ, Inc. As of this date, the carrying amounts and fair values of the assets and liabilities of XYZ acquired by ABC are shown below: (see image) On the negotiation for the business combination, ABC Co. incurred transaction costs amounting to ₱400,000 for legal, accounting, and consultancy fees. If ABC Co. paid ₱6,000,000 cash as consideration for the assets and liabilities of ABC, Inc., how much is the goodwill (gain on bargain purchase) on the business combination? 

On January 1, 2021, ABC Compan

On January 1, 2021, ABC Company acquired all of the assets and assumed all of the liabilities of XYZ, Inc. As of this date, the carrying amounts and fair values of the assets and liabilities of XYZ acquired by ABC are shown below: (see image) On the negotiation for the business combination, ABC Co. incurred transaction costs amounting to ₱400,000 for legal, accounting, and consultancy fees. If ABC Co. paid ₱6,000,000 cash as consideration for the assets and liabilities of ABC, Inc., how much is the goodwill (gain on bargain purchase) on the business combination?

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