Accounting

Joshua Ferrer put in P100M to form a new basketball team. The franchise was acquired on January 1, 2001 at the cost of P100M, of which P20M was paid immediately. A note was signed with the league officials for the balance scheduled to be paid at the beginning o each of the next four years (P20M per year). The team signed up 8 players resulting in a total annual salary commitment of P100M. Also, the team paid a total of P50M as signing bonuses to the top four players to get them to sign with the team. How much in total assets should the company report?

Question

Accounting

Joshua Ferrer put in P100M to form a new basketball team. The franchise was acquired on January 1, 2001 at the cost of P100M, of which P20M was paid immediately. A note was signed with the league officials for the balance scheduled to be paid at the beginning o each of the next four years (P20M per year). The team signed up 8 players resulting in a total annual salary commitment of P100M. Also, the team paid a total of P50M as signing bonuses to the top four players to get them to sign with the team. How much in total assets should the company report?