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Problem 2 On October 1,2022, The Burgee's Food Corporation purchased three units...

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Accounting

Problem 2
On October 1,2022, The Burgee's Food Corporation purchased three units of baking
equipment by issuing a four-year, 9% promissory note with face value of P2,591,760.
The note and accrued interest are payable in equal amounts of P800,000 every
September 30, starting September 30,2023. The periodic payment of P800,000 is to be
applied first to interest, and the remainder to the principal.
Required:
a) Prepare amortization table over the term of the note.
b) Prepare entries for years 2022 through 2026 as a result of the foregoing
c) What amount relating to the note shall be presented as current and non-current
liabilities on December 31,2023 statement of financial position?
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