On April 1, 2022, Seamus Company purchased equipment by issuing a four-year, non-interest-bearing note with a face amount ofP1,600,000. The note matures on March 31, 2026. There was no equivalent cash price for the equipment and the note had no ready market.The prevailing rate of interest for the note of the same type is 9%.a. At what amount should the note be initially measured?b. Prepare the amortization table of the loan.c. Prepare the relevant journal entries for the years 2022 to 2026

On 1 August 2023 RFX Ltd issues a one year (1) $100,000 note to Reg Miles for the purchase of a motor vehicle. Interest on the note payable is 8% per annum and is due at the end of the six-month term of the note. RFX Ltd has a 31 October balance date.What is the correct entry to record interest on the note for the year ended 31 October 2023?

The maturity value of a $150,000, 4.3%, 90-day interest-bearing note using ordinary interest is:Multiple Choice$151,612.50$150,000.00$156,450.00$154,332.75$1,612.50

On Jan. 1, 2021, Entity N sold a machine that had a cash price of P900,000. The buyer paid P100,000 cash and signed a 4-year note. The note specified that it would be paid off infour equal annual payments of P274,565 each starting on Dec. 31, 2021. The payments include 14% interest. The carrying amount of the note receivable on Dec. 31, 2021 is

A company issues 8% loan notes at their nominal value of $30,000 with an effective rate of 5%. The loan notes are repayable at par after 4 years. What amount will be recorded as a financial liability when the loan notes are issued? What amounts will be shown in the statement of profit or loss and statement of financial position for years 1–4?

On January 1, 2024, a company purchases new equipment for $677,000. The company is required to make a down payment of $129,000 and issue an installment note for the remaining balance of $548,000. The note requires payments of $74,807.37 every three months, beginning March 31, 2024, over the next two years. The interest rate on the note is 8% annually (or 2% every three months). Required:1. Record the purchase of equipment with down payment of $129,000 and the installment note of $548,000 on January 1, 2024.2. Record the first payment of $74,807.37 on March 31, 2024.(If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to 2 decimal places.)