On. Nov. 14, 20x1, Athena Co. sold its P30,000 loan receivable from Zevrek Co. to Devin Bank for P28,000. The sale agreement requires Athena Co. to repurchase the loan at a future date for P28,000 plus interest based on the current market rate on repurchase date.

On. Nov. 14, 20x1, Athena Co. sold its P30,000 loan receivable from Zevrek Co. to Devin Bank for P28,000. The sale agreement requires Athena Co. to repurchase the loan at a future date for P28,000 plus interest based on the current market rate on repurchase date.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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