P1500000 and the balance evidenced by a mortgage note for P2500000 payable at

P1500000 and the balance evidenced by a mortgage note

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P1,500,000, and the balance, evidenced by a mortgage note for P2,500,000, payable at P1,500,000 on December 1, 2006 and P1,000,000 on December 1, 2007. The note had a fair market value at the time of execution of the sale equal to eighty-five percent of its face value. 21. The income in 2005 under the deferred payment method of reporting income: a. P3,000,000b. P1,625,000c. P1,500,000d. P2,000,000 22. The income in 2006 when P1,500,000 is collected: Selling price of inventory in installmentsP100,000Cost of the inventory sold40,000Collections on the selling price 45,000
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InstallmentPage 6 of 6Fair market value of property when repossessed for buyer’s default25,000a. Gain on repossession is P3,000.c. Loss on repossession is P28,000.b. Loss on repossession is P2,000.d. Gain or loss on repossession is some    other amount.- - -end- - -
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  • Spring '13
  • OslerAquino
  • Cost Accounting, gross margin, Initial payments, AITR

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