On January 1, 2020, LaSalle Company acquired a building for ₱12,000,000. LaSalle Co paid ₱2,000,000 and signed a noninterest-bearing note for the balance, which is payable in four annual installments every December 31 of each year. The prevailing interest-rate for a note of this type is 12%. The present value of an ordinary annuity of 1 for four periods is 3.03735.Determine the discount on notes payable on January 1, 2020.

On January 1, 2020, LaSalle Company issued its 10% bonds at a face amount of ₱3,000,000, which will mature on January 1, 2025. The bonds were issued for ₱3,239,563.00 to yield 8%, resulting in a bond premium of ₱239,563. LaSalle Co uses the effective interest method of amortizing the bond premium. Interest is payable annually on December 31.What should be the carrying amount of the bonds payable at the end of the first year?

The following information pertains to LaSalle Company as of December 31, 2024:Accounts receivable₱ 480,000Accounts payable300,000Notes receivable, collectible from customer on 12/31/24250,000Notes payable, payable to the bank on 12/31/24850,000Share dividend distributable75,000Mortgage Payable2,000,000Bonds payable due on 12/31/20303,000,000Accrued interest on bonds payable20,000Accrued salaries expense40,000Unearned rent income17,000Prepaid rent expense7,000Accrued interest income2,000Compute the total current liabilities for December 31, 2024.

LaSalle Company provided the following accounts at year end:Preference share capital, ₱100 par value₱6,000,000Ordinary share capital, ₱10 par value3,000,000Subscribed preference share capital1,800,000Subscribed ordinary share capital1,000,000Subscription receivable – Ordinary180,000Subscription receivable – Preference190,000Share premium – Preference share300,000Share premium – Ordinary share220,000Treasury share – Preference (700 shares at cost)720,000Share premium – Preference treasury share850,000Retained earnings2,000,000 How much is the total shareholders’ equity at year end?

The following information is available is available for LaSalle Company:Total current assets₱2,800,000Total noncurrent assets7,200,000Total assets10,000,000Total current liabilities1,300,000Total liabilities3,000,000Income before income taxes621,000Interest expense207,000What is the time interest earned ratio of the company?

LaSalle Company reported the following accounts in the year-end trial balance:Preference share capital authorized, P100 par value5,000,000Ordinary share capital, authorized 200,000 shares, no par value, issued 180,000 shares, P15 stated value2,700,000Unissued preference share capital1,800,000Subscriptions receivable, ordinary170,000Subscriptions receivable, preference200,000Preference share capital subscribed300,000Ordinary share capital subscribed270,000Treasury shares, 5,000 shares at cost600,000Retained earnings2,000,000Share premium - ordinary950,000Compute Share capital available for subscription