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Problem 6-6 (AICPA Adapted) On January 1, 2021, Remarkable Company had the following account balances: ; Note receivable from sale of an idle building ; 7,500,000 Note receivable from an officer 2,000,000 The P7,500,000 note receivable is dated May 1, 2020, bears interest at 9% and represents the balance of the consideration received from the sale of an idle building to Solid Company. Principal payments of P2,500,000 plus interest are due annually beginning May 1, 2021. Solid Company made the first principal and interest payment on May 1, 2021. The P2,000,000 note receivable is dated December 31, 2018, bears interest at 8% and is due on December 31, 2023. The note is due from the president of Remarkable Company. Interest is payable annually on December 31 and all interest payments were made through December 31, 2021. On July 1, 2021, Remarkable Company sold a parcel of land to Boom Company for P4,000,000 under an installment sale contract. Boom Company made a P1,200,000 cash down payment on duly 1, 2021, and signed a 4-year 10% note for the P2,800,000 balance. ; "The equal annual payments of principal and interest on the note totaled P880,000, payable on July 1 of each year from ‘ 2021 through 2025. The fair value of the land at the date of sale was P4,000,000 and the cost of the land was P3,000,000.’. ; Required: 1. Determine the amount of notes receivable including accrued interest that should be classified ag current asset on December 31, 2021. 2 - ine the amount of notes receivable t [ag noncurrent asset on ae, ‘Sal 2 we A 
