The following long-term receivables were reported in the December 31, 2015, statement of financial position of MANGO CORPORATION: Note receivable from sale of plant P3,000,000 Note receivable from officer 800,000 The following transactions during 2016 and other information relate to the company’s long-term receivables: A ; Mango sold a piece of equipment to Ban The note receivable from sale of plant bears interest at 12% per annum. The note is payable in 3 annual installments of P1,000,000 plus interest on the unpaid balance every April 1. The initial principal and interest payment was made on April 1, 2016. . The note receivable from officer is dated December 31, 2015, earns interest at 10% per annum, and is due on December 31, 2018. The 2016 interest was received on December 31, 2016. ana, Inc. on April 1, 2016, i I i April in exchange for a P400,000 non-interest-bearing note due on 1, 2018. ‘The note had no ready market, and there seilieg established exchange price for the equipment. ine Pe athe interest rate for a note of this type at April 1, oy 0787 : Present value factor of 1 for two periods at 12% is 0.7974. A tract of land was sold by Mango to Orange, Inc. on July 1, 2016, for P2,000,000 under an installment sale contract. Orange signed a 4-year 11% note for P1,400,000 on July 1, 2016, in addition to the down payment of P600,000. The equal annual payments of principal and interest on the note will be P451,250 payable on July 1, 2017, 2018, 2019, and 2020. The land had an established cash price of P2,000,000, and its cost to Mango was P1,500,000. The collection of the installments on this note is reasonably assured.