On december 31, 2017, Precious Company sold an equipment with carrying amount of 2,000,000 and received a noninterest-bearing note requiring payment of 500,000 annually for ten years. The first payment is due december 31, 2018
The prevailing rate of interest for this type of note at date of issuance is 12%.
Present value of 1 at 12% for 10 periods = 0.322
Present value of ordinary annuity of 1 at 12% for 10 periods = 5.650
1. On December 31, 2017, what is the carrying amount of the note receivable?
2. What is the gain on sale of equipment tobe recognized in 2017?
3. What Amount of interest income should be recognized for 2018?
4. What is the carrying amount of the note receivable on December 31, 2018?
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