In October 2021, United Corporation obtained a loan amounting to US $ 120,000 for the purchase of machinery and equipment. By the end of the year, one-half of the loan was still unpaid and a ten per cent decrease has taken place. If the foreign loan payable account is correctly reported in the balance sheet at P1,848,000, the rate of exchange at the time the loan was obtained must have been: Group of answer choices a. $1.00 = P27.00 b. $1.00 = P28.00 c. $1.00 = P29.00
In October 2021, United Corporation obtained a loan amounting to US $ 120,000 for the purchase of machinery and equipment. By the end of the year, one-half of the loan was still unpaid and a ten per cent decrease has taken place. If the foreign loan payable account is correctly reported in the balance sheet at P1,848,000, the rate of exchange at the time the loan was obtained must have been: Group of answer choices a. $1.00 = P27.00 b. $1.00 = P28.00 c. $1.00 = P29.00
Chapter1: Financial Statements And Business Decisions
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CASE 3. In October 2021, United Corporation obtained a loan amounting to US $ 120,000 for the purchase of machinery and equipment. By the end of the year, one-half of the loan was still unpaid and a ten per cent decrease has taken place. If the foreign loan payable account is correctly reported in the balance sheet at P1,848,000, the rate of exchange at the time the loan was obtained must have been:
Group of answer choices
a. $1.00 = P27.00
b. $1.00 = P28.00
c. $1.00 = P29.00
d. $1.00 = P30.00
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