The statement of financial position of an entity reported the following long-ter receivables as of Dec. 31, 2020: P6,000,000 Note recelvable from sale of plant 1,600,000 Note receivable from officer The following transactions during 2021 and other information pertaining to the entity long term receivables are provided below: à. The note receivable from sale of plant bears interest at 12% per annum. The note payable in 3 annual installments of P2,000,000 plus interest on the unpaid balance every April 1. The initial principal and interest payment was made on Apr. 1, 2020. b. The note receivable from officer is dated Dec. 31, 2020, earns interest at 10% per annum, and is due on Dec. 31, 2023. The 2021 interest was received on Dec. 31, 202- c. The entity sold a piece of equipment on Apr. 1, 2021 in exchange for an P800,000 non-interest-bearing note due on Apr. 1, 2023. The note had no ready market, and there was no established exchange price for the equipment. The prevailing interest rate for a note of this type at Apr. 1, 2021 was 12%. The present value factor of 1 for two periods at 12% is 0.797. d. A tract of land was sold by the entity on July 1, 2021, for P4,000,000 under an installment sale contract. The buyer signed a 4-year 11% note for P2,800,000 on July 1, 2021, in addition to the down payment of P1,200,000. The equal annual payments of principal and interest on the note will be P902,500 payable on July 1, 2022, 2023 2024, and 2025. The land had an established cash price of P4,000,000, and its cost to the entity was P3,000,000. Required: Compute for the following: 1. Current and non-current portion of notes receivable 2. Interest income for 2021

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

On March 14, Ian Co. accepted a 180-day, 5% note in the amount of $1,000 from Ali Co., a customer. On the due date of the note, Ali dishonors the note. The journal entry that Ian would record on the due date would include a:Multiple select question.credit to Notes Receivable for $1,000.debit to Interest Revenue for $25.debit to Notes Receivable for $1,025.debit to Accounts Receivable - Ali for $1,025.credit to Interest Revenue for $25.credit to Accounts Receivable - Ali for $1,000.

A company issues a note receivable in place of an outstanding accounts receivable balance. The amount of the note is $5,000, the interest rate is 6% and the term is 2 months. Assuming the note receivable is dishonoured, but the company expects eventual collection, what will the journal entry include on the date the note maturies, assuming that is also the date the note is dishonoured?Select answer from the options belowdebit to Accounts Receivable $5,050debit to Cash of $5,050debit to Accounts Receivable $5,000debit to Interest Revenue $50

Select all that applyOn January 1, Franz Co. accepted a 30-day, 6% note in the amount of $5,000 from Bria Co., a customer. On January 31, the due date of the note, Bria honors the note and pays in full. The journal entry that Franz would make to record payment of this note would include a:Multiple select question.credit to Note Receivable for $5,025.debit to Interest Revenue for $25.credit to Note Receivable for $5,000.credit to Interest Revenue for $25.debit to Cash for $5,025.

On November 1, Alice Co. accepted a 90-day, 6%, $2,000 note due January 30. On December 31, the appropriate adjusting entry was made. On January 30 of the next year, the note was honored and paid in full. The entry to record receipt of payment on January 30 would include a credit to:Multiple select question.Interest Receivable for $20.Interest Revenue for $20.Interest Revenue for $30.Interest Revenue for $10.Cash for $2,030.Notes Receivable for $2,000