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On January 1, 2021, Aloha Co. received the following note: Face amount                                      P 1,000,000 Effective interest                                     18% Stated interest                                          0% The note is due in four equal annual installments. The first installment is due on December 31, 2021. The carrying value of the note on December 31, 2023 is _______?  . Do not round off your present value factors but round off your final answer to two decimal places.

On January 1, 2021, Aloha Co. received the following note: Face amount                                      P 1,000,000 Effective interest                                     18% Stated interest                                          0% The note is due in four equal annual installments. The first installment is due on December 31, 2021. The carrying value of the note on December 31, 2023 is _______?  . Do not round off your present value factors but round off your final answer to two decimal places.

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
Problem 9.12E
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On January 1, 2021, Aloha Co. received the following note:

Face amount                                      P 1,000,000

Effective interest                                     18%

Stated interest                                          0%

The note is due in four equal annual installments. The first installment is due on December 31, 2021. The carrying value of the note on December 31, 2023 is _______?  . Do not round off your present value factors but round off your final answer to two decimal places.  

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