NOTE PAYABLE issory note is an unconditiona) , A Piety one Person to another, signed 6 to pay on demand or at a fixed or determi, sum certain in money to order or to bearer. Initial measurement of note Payable PFRS 9, paragraph 5.1.1, provides that a designated at fair value through prof; measured initially at fair value minus tra, are directly attributable to the issue of In other words, transaction costs are includeg » measurement of note payable. We However, if the note payable is irrevocably desig fair value through profit or loss, the transaction o expensed immediately. The fair value of the note payable is equal to the p value of the future cash payment to settle the Note pay using market rate of interest. Subsequent measurement of note payable PFRS 9, paragraph 5.3.1, provides that after initj recognition, a note payable shall be measured a. At amortized cost using the effective interest method, b. At fair value through profit or loss if the note payable jg designated irrevocably as measured at fair y through profit or loss. Amortized cost of note payable The amortized cost of note payable is the amount at whi the note payable is measured initially: a. Minus principal repayment b. Plus or minus the cumulative amortization using th effective interest method of any difference between face amount and present value of the hote payable. Actually, the di value is eithe payable,jesued solely for cash ple is issued solely for cash, the present a note err eash proceeds. ; note 2B Zqual to glue # + 1, 2022, an entity discounted its own note of be on Ne'900 at 12% for one year. : f 1,000,000 ble 12% X 1,000,000) 120,000) 880,000 Netproceeds = yrnal entry 880,000 Gash unt on note payable 120,000 1,000,000 Note payable the discount on note payable of P120,000 is the total ally, paves xpense for one year. interest & Thus, on December 31, 2022, after 2 months, the discount on note payable is amortized as interest expense. Interest expense 20,000 Discount on note payable (120,000 x 2/12) The straight line method is used in amortizing the discount on note payable for simplicity. Besides, the note payable has only a term of one year. On December 31, 2022, the note payable is classified and reported as current liability. 20,000 Note payable 1,000,000 Discount on note payable (100,000) 900,000 Carrying amount Observe that the discount on note payable is a direct deduction from the face amount of the note payable. The carrying amount of P900,000 is actually the amortized cost’ of the note payable. 257gsued for property asset is acquired by j or nomemmterest bearing, the P c An ; t the ‘purchase ae ote i t when & proper w ; no promiaverneorded a nably assumed to be th 68 rice i8 roast ve, the fair value of the D ‘The Pe te and es interest bearing. value 0 issue te 188) ired an equi ause the no ity acquired’ Wipmen, big nuary 1, 2022, 8” seul equal installmentg vt hy On Je F 5 ; ts 1,000,000 payable i restis 10% on the unpaid bal December 31 of each year. 2022 rmieen Equipment : a "Note payable 000 » (10% x 1,000,000) 100,000 Dec. 31 Interestexpense (10% sot Note payable Z ae syst installment and 000 Payment of the first instalm the interest for 2022. 2023 Dec. 31 Interest expense (10% x 800,000) 80,000 Note payable 200,000 Cash ol Payment for second installment and interest for 2023. Noninterest bearing note issued for property When a noninterest be property is recorded price is assumed to aring note is issue at the cash price of the be the-present value of d for property, the property. The cash the note issued. interest j would vat t8 based on the sound philosophy tht eee TC AWAY. With hig’ may CCeaen is money or prope!noninterest bearing note _nuary 1, 2022, an entity acquired an equipment with a eae sa 200,000 fo POOO.EEY P 100,000 down and the poianee payable in 4 equal annual installments. al entries for 2022 Jour™ 1 Equipment 350,000 Jan- Discount on note payable 150,000 100,000 Note payable 400,000 pec. 31 Note payable 100,000 Cash 100,000 Payment of annual installment. 91 Interest expense 60,000 Discount on note payable 60,000 | ‘Amortization of the discount for 2022. Table of amortization Year Note payable Fraction Amortization 2022 400,000 4/10 60,000 2023 300,000 3/10 45,000 2024 200,000 2/10 30,000 2025 100,000 1/10 15,000 150,000 Note payable represents the amount outstanding every year. The note was issued on January 1, 2 was made on December 31, 20 standing is P400,000. ped from the note payable 022 and the first payment Thus, for 2022, the note payable out: outstanding Fraction is develo every year. nt multiplied by the t of discou 000 times 4/10 equals Amortization is the amoun 2022, P150, fraction developed. Thus, for P60,000. 259dante no cash price Another illustrati = a “+7 acquired an equip On January 1, 2022, an ont anual installments , P 1,000,000 payable in 5 eat és December 31 of each year. : eed iM Observe that there no rt available for the equipm terest and no ca; quipment is equal tp ual installments in §, In such a case, th of 10%. Ta resent value of the rs a an appropriate discount ra 1 revaili The discount rate of 10% 18 assumed to be the prevailing rate of interest. The present value of an ordinary annuity of 1 for By 10% is 3.7908. value of five P200,000 installment nt Therefore, the prese d by multiplying P200,000 by ¢ is P758,160, compute present value factor of 3.7908. Journal entries for 2022 Jan. 1 Equipment 758,160 Discount on note payable 241,840 Note payable Dec. 31 Note payable 200,000 Cash First installment payment. 31 Interest expense 75,816 Discount on note payable Amortization of the discount on note payable for 2022. The effective in + te ; Z amortization of the mie is followed in ™ 9enamortization ple of ee Payment Interest Principal Present value ee a 900,000 75,816 (124,184 nee wee 8s 5023 300,000 63.398 «136,602 497,374 pet 31, 3024 200,000 49,737 150,263 347,111 pee 3) 9005 300,000 34,711 «165,289 181,822 ne 31, 2026 200,000 18,178 ~=—181,822 4 ment represents the annual installment. ; 1 to. the preceding present ipli serest is equa g present value multiplied rE the implied interest rate. Thus, for 2022, P758,160 ns 10% equals P75,816. the portion of the payment after deducting principal is senting principal. interest repre Thus, 07 December 31, 2022, P200,000 minus the interest of P75,816 equals pi124,184. Present value is the balance of the preceding present value after deducting the principal payment. . Thus, on December 31, 2022, P758,160 minus the principal payment of P124,184 equals P633,976. 2022, the current portion of the note payable On December 31, nt liability. should be reported as curre Note payable 200,000 Discount on note payable ( 63,398) Carrying amount — amortized cost 136,602 The noncurrent portion of the note payable should be reported as noncurrent liability. eo i Discount on note payable lve, 497,374 Carrying amount — amortized cost oR1pearing note payable lump Nonin' tity acqui 22, a ey A 000 ae Oa On yan ity paid P100,000 down 'p i ; ble for th : 1,000,000. ering note Paya © balance t be 1, 2025 noninte three years on January * : due after plished cash price for the equi esta i There wee in ate for this type of i , mt for 3 periods is .7513. ote is 1954, Be Computation m nt 7 * Present ie of note payable On ees oni 4 e ae Cost of equipment 76 Ny Ren ae Imputed interest Pace amount of note payable Present value of note payable Tmputed interest Journal entries 1. To record the purchase of equipment on January 1 2022. Equipment Discount on note payable Cash Note payable 2. To record the interest expense for Interest expense Discount on note payable 67,617neeL ple ; au qa Discount on te Interestexpense note Payable Present Value Da a 223,830 676,170 - 1 aes 67,617 156,213 743,787 d 133/20 74.379 81,834 818,166 1 — 3 j3i/2024 81,834 oe i the Preceding Present value ense is equal to ners oo by the implied interest rate. ultip. po for 2022, P676,170 times 10% equals P67,617. Thus, t on note payable is the balance minus the interest iscour acne every year. é December 31, 2022, P223,830 minus the interest of on pe Alt equals P156,213. i t lue is the preceding balance plus the interes resent Valu Picnse every year. December 31, 2022, P676,170 plus the intcrest of hus, on Dece ber 31, | oe 617 equals P743,787.measuring note payable — tion Fair value OP 422 provides that at initial recog nit PFRS 9, paragraph te irrevocably designated as at fy a note paren prof 0” 188 | ee 52.7, provides that she gain or Ioegim PFRS 9, paraer@Pl nated at fair value t rouah Drofs financial eves eataod either in other comprehensive incom, loss shall be § or profit or Joss. a 2 attributable to the credit Tish ig ir valu HN: fair hensive income. a.~The change her compre oe ognized in ob issuer of the liability would — “isk that the er ther party by failing tg cial loss to the o bligation. Credit risk is t cause a finan discharge the 0 5 not include market risk such as interegt Credit risk doe Pek risk, currency risk and pric b. The remaining amount of the change in fair value is recognized in profit or loss. Application Guidance B5.7.9 provides that amount recognized in other comprehensive income resulting from change in fair value attributable to credit risk shall not be subsequently transferred to profit or loss. However, the cumulative gain or loss recognized may be transferred directly to retained earnings. it nized Under the fair value option, any transac on cost is recog There is no ree amortiza, ; Payable, tion of discount and premium on note As a matter of fai . ct, int ; nominal or stated ;, rest expense is rec: znized.using the d interest rato. RA1, 2022, an entity borrowed f, 12% 5-year interest bearing eet — ps ity received 4,000,000 which is the fair value of gpe a January 1, 2022. Transaction cost of 100,000 ay) oo py the entity. P yalue of the note payable was P3,500,000 on elected irrevocably the fair value option entity has el me messuTing the note payable. e change in fair value comprised P50,000 attributable to iit risk and P450,000 attributable to interest risk. Journal entries for 2022 an’) Cash 4,000,000 Note payable 4,000,000 1 Transaction cost 100,000 Cash 100,000 Dec. 31 Interest expense (12% x 4,000,000) 480,000 Cash 480,000 31 Note payable 500,000 Gain from change in fair value 450,000 Gain from credit risk — OCI 50,000 Carrying amount 4,000,000 Fair value — December 31, 2022 3,500,000 Decrease in fair value of liability - gain 500,000 s recognized in The gain from change in fair value 1 profit or loss. The gain from credit risk is recognized in other comprehensive income. 265: pRoBLEMS plem 8-1 (AA) ., Company, a natural energy supplier, borrowed ontey,000 cash on November 1, 2022 to fund a gecleical p8," yy, The loan was granted by United Bank under a suret term credit line. 8 issued a 9-month, 12% promissory note jo Company ontar’ ble at maturity. The fiscal period is the with interest paya ‘i alendar year. Required: 1, Prepare the journal entry for the issuance of the note * payable by Ontario Company. 9, Prepare the appropriate adjusting entry for the note payableon December 31, 2022. 3, Prepare the journal eritry for the payment of the note payable at maturity. problem 8-2 (IAA) On October 1, 2022, Home Company issued to Security Bank a P6,000,000, 8-month, noninterest-bearing note. The note payable was discounted by the bank at 12%. Required: 1, Prepare the appropriate journal entry by Home Company to record the issuance of the note. 2. Prepare the adjusting entry on December 31, 2022. Present the note payable on December 31, 2022. 4, Prepare the journal entry to record the discount amortization and payment of the note payable on dune 1, 2023, date of maturity. 5. Prepare the journal entry tor assuming the note had been struc’ with interest and principal payable at er ecord the following tured as a 12% note t maturity: able on October 1, 2022 on December 31, 2022 ple on the date of maturity a. Issuance of the note pay b. Accrued. interest payable c. Payment of the note paya 267Problem 8-3 (IAA) On September 1, 2022, Trinoma Ente P24,000,000 cash to fund a new Fup tain granted by Solid Bank under a Roncomm; atk ent ; of credit arrangement. itted phe de or Trinoma issued a 9-month, 12% was payable at maturity. The fiscal Pernitsory : i the Required: he ¢ 1. Prepare the journal entry for the j ‘Trinoma 1ssua: 2. Prepare the appropriate adjusti December 31, 2022, ans entry for 4, he 3. Prepare the journal entry for the Payme. Dt of 4, Nee of ty maturity. Problem 8-4 (IAA) Rose Company provided the followi related to liabilities: a eeelo cted tran 2022 Sion Feb. 1 Negotjated a revolving credit ; Second Bank which can be ronetyegteement bank approval. annually with The amount available under ¢) i “ P30,000,000 at the prime pene of Credit April 1 Arranged a 3-month bank loan : a of P. Second Bank under the line of Seer 8.000 wig with interest rate of 8% payable at aa reement July 1 Paid the 8% note at maturity. mee Nov. 1 Supported by the credit lin c e, issued P20,000,000 of Gonimetc COMP any nine-month note. Interest was disean one a issuance at a 6% discount rate. Scounted at Dec. 31 Recorded any necessary adjusting entry. 2023 A Aug. 1 Paid the commercial paper at maturity Required: Prepare the a i . : Ppropr ries maturity of each Ajatility. © Journal entries through the 268 (acP) on e. 022, West Company acquired a tract of land ary x i 00 down and signed a two-year Pe nity PAST 100,000 {valance plus, 10% interest no! ory ly. The note matures on January 1. 2024. 4? oi ged annua 55! yun ire is 4 pear ournal entries to record: re? ry 1, 2022 jand on January 1, purchase. ot eat on December 31, OO L pocrve interest on December 31, 2023 2 acer ayment of che note on January 1, 2024 : ‘uw et (ACP) 2022, North Company acquired a machinery on Januat ice of P750,000 for P1,000,000. ith 28” PY 4 P200,000 and signed a noninterest bearing e entity P&E ‘for the balance which is payable in 4 equal prommitments every December 31 of each year. jns! pequired? P repare journal entries for 2022. problem 8-7 GAA) ary 1, 2022, South Company acquired a building for On Janven9, ‘The entity paid P500,000 down, and signed s Pos nterest bearing note for the balance which is payable in 5 equal 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 three periods is 2.4018. Required: Prepare journal entries to record purchase of building on January 1, 2022, first installment payment on December 31, 2022 and interest expense for 2022. 2691, 2022, Manila Company acquire Ce Jaf, 000. ihe entity paid P1,250,000 dea? acy for P5,250" or bearing note payable for the ba) ” a ance due on January 1, 2025. i é i hange pric gg no established exchange Price fy the ae had n° ready market. The prevaili fre chia type of note wae 12%. The present y for 3 periods is .7118. - r' the | NE inte, td alue of Required: journal entries to record purchase of land , 1, 2022, interest expense for 2022 and full payme, May note on January 1, 2025. Nt of 4 Problem 8-9 (AICPA Adapted) On January 1, 2022, Heritage Company had a note p, to bank in the amount P2,800,000. Payable Transactions during 2022 and other information relatj, liabilities are: Ng to a. Principal amount of the note payable to bank is P2,800, and bears a 12% interest. The note is dated April 1 a and is payable in four equal annual installments bein 21 April 1, 2022. The first principal and interest ayuda? was made on April 1, 2022. ‘yment b. OnJuly 1, 2022, the entity issued for P1,774,000 a P2,000,000 face amount note payable to a wealthy shareholder. The note was dated July 1, 2022 and matures on July 1, 2023, Ae. explicit interest rate is stated in the note and the entire face amount of the note is payable at maturity date. Required: a. Prepare journal entries for 2022. b. Cor iabi B empte the total current liabilities on December 31, 2022 ‘ine the interest expense for 2022. 270 _ eed to pay nd. 28°3 of each of he en ate for this type be reported as note payable if prepared today? mount should be reported as interest expense for at @ o, Whee ie year” a. 259,200 * 187,200 4 ¢, 360,000 g. 457,200 problem 8-11 (AICPA Adapted) Company reported a 10% note payable of P3,600,000 Mane mPa 9. The note is dated October > 9020 and payable in three equal annual payments of P1,200,000 plus interest. The first interest and principal payment was made on October 1, 2021 On June 30, 2022, what amount should be reported as accrued interest payable for this note? a. 270,000 b. 180,000 c. 90,000 d. 60,000Problem 8-12 (AICPA Adapteq) g-14 (AICPA Adapted) On December 31, 2022, Bart Compan, problem Roth Company jssued a P1,000,000 face amount rvices rendered. from Fell Company in exchange fo, a Chasey note payable requiring eight Payments petites Ma year-end in exchange for se! °200,o0¢ gt foe payanle | de at usual trade terms, is due in nine The first payment was made on Decem}, oy pr note payable, mace " Jayable at maturity, at the annual others are due annually on December _ er 81, on5 : ae ths and bears n Re gate of 96 t rate is 8%. The compound interest factor rket intere®" ths at 8% is .944. 4 7 The mare, nine mon| oe unt should the note payable be reported at At date of issuance, the prevailing ra, ti . Bot Mtere, of 1 type of note was 11%, : mae ‘ id tt eee PVofan ordinary annuity of 1 at 11% for 8 periog hy gear-end? PV ofan annuity of 1 in advance at 11% for g Period, a. 1,030,000 s : - 1000. on, b. 965,200 § 944,001 problem 8-15 (AICPA Adapted) 1, 2021, Pine Company issued a note payable On September *--“b1 800,000, bearing interest at 12%, and On December 31, 2022, what is the carrying Moun: of y note payable? 4 he a. 1,142,400 b. 1,029,200 ¢ e. 1,046,200 in the amy three equal annual principal payments of a. '942;400 pavaigoo. On this date, the prime rate was 11% The first interest and principal payment was made on September 1, 2022. On December 31, 2022, what amount should be reported as Problem 8-13 (AICPA Adapted) accrued interest payable? a. 44,000 b. 48,000 c. 66,000 d. 72,000 Problem 8-16 (AICPA Adapted) On March 1, 2021, Alpha Company borrowed P1,000,000 and At the beginning of current year, Pares ©, r » Pares Company bor, 3,600,000 from a major customer evidenced os ae bearing note payable due in three years, Bi The entity agreed to su e ipply the customer's invent e for the loan Period at an amount lower than marke sri et imputed interest rate for this type of loan, the Present value of the note is P2,550,000 at the date of issuance signed a 2-year note payable bearing interest at 12% per Wh ; annum compounded annually. Interest is payable in full at a ee of interest expense should be reported for the maturity on February 28, 2023. year? What amount should be reported as accrued interest payable ‘ 432,000 on December 31, 2022? . 350,000 a. 100,0 , . 100,000 5 306,000 b. 120,000 k 0 6. 232,000 d. 240,000 273a we 3s ye se Fay Oe tt e 2 «om oo toe \j sl Adap , “ac problem gat (AA) es ‘ea from th nk nen 12% On January. eae Bee ened Bold la, pe? freave™ yp. TH eet ds no ‘ : Cee Tes markt price Ch, Mae comsPsracient atin€ vable at cet ee land. or yp pt ates wit se when e sheen 5022. Bee ee any 8 Ps Se Perot” jnterest &XPE% 50,000 wae oy date Glory come ing note payable in three a P2409 ie ity recorded) pense of re reauled ynaturity 42! noninteret 800,000 with the first qual 40, wpe ony, interes ch loam Pai installments Paymeat reall aid 8 e Term ete ne 31, 2022. YMent ia bs a Fatty rep ve Maturity jecember 91, dy, e jamou cue i 1/2022 market. The prevailing ra pate 00,000 30/3 A aie The nae aro seeps is 10% ete oti, 2 ; 713/202: ths for a note of thie (Ye 1° ne tere ss o022 1,500 9 1/31/2028 9 mon! ¢ value of @ 2,400,000 note payable in thr, 13/2022 Nee ee i preveataliments of 300,000 at a 10% rate Betzee eau 5 sion ia made, *Y what amour Pr, 992,000 creat, Jag n0 OFF. 9022 be vnderstated? oe nse 1° What is the carrying amount of the note payaby, expel so December 31, 2022? on Fw SA ; fe a. 1,992,000 Bre ‘4,000 b. 1,192,000 5 72,000 c. 1,391,21 ae 2 aaa propiern £20 (AICE A peed) % a contest in which the winner wou mpany offered susan 7,000,000 payable © y d the ber 31, 2022, Jason Company announced We Decree contest and signed a note payable to the winner Pl 000,000 payable jn P50,000 installments every January 31. On December 31, 2022, Jason Company purchased an annuity for P418,250 to provide the P950,000 prize remaining after the first P50,000 installment which was paid on January 31, 2023. On December 31, 2022, what amount should be reported as note payable-contest winner, net of current portion? Problem 8-18 (AICPA Adapted) ver twenty years. On January 1, 2022, Easy Company reported a note payabl of P1,200,000. 4 The note js dated October 1, 2021, bears interest at 15%, and is.payable in three equal annual payments of P400,000. The first interest and principal payment was mé eee pal payment was made on waa amount should be reported as interest expense for Pale actony a. 468,250 Seeioo b. 418,250 a. 80.000 e. 900,000 4d. 950,000 274 275gor go ng ge Bin gif of Tg out at gue fort ME Problem 3-21 (AICPA Adapted) september 30, 2023, World Compan: On Sepote payable Tae oe on D the Beery Pa, payments © p264,200 when due on December of four \ 109 31, 20984 1. What amount sho' c. 67, d. 30,000 2. On December 31, the note payable? 758,300 b. 750,000 ¢. 825,800 d. 735,800 Problem 8-22 (AICPA Adapted) 4, 2022, Justine Company borrowe: ive-year jnterest-bearing note. On Go P2.000,009 jue of the note is determined to be Peet 3 +900,009) 2023, what is the carrying WOE ame Ount On Janua. on a 10% 2022, the fair va! The entity irrevocably elected the fair measuring the note payable. value option in J. What amount should be reported as interest expense for 200% 3 a2 a. 100,000 b. 200,000 c. 190,500 d. 150,750 2. What is the carryi Maer Ri pabie amount of the note payable on a. 2,000,000 b. 1,900,000 ce. 950,000 d. 900,000 3. What amount should be moun reported 2 r los change in fair value of the ect ayanle: for suas? a a. 100,000 gain b. 100,000 loss c. 150,000 gain d. 150,000 loss 4. Prepare journal entries for 2022. 276 2: A Adapted) . 0,000 poe pn cate a tb te ate ing note. on sanyent inet 5 677 ,600- Interest is payable op 89 wine a a the boty every ecember ey ae ec jr value option. On Decem er 31, Chee + 95: ae en ponds ted a ae nt should be reported as interest expense for at am * 9922? D 240,000 f. 120,000 ¢, 294,208 d. 920,256 should be reported as gain oF joss from What amount zi change in fair value for 2022? a. 322,400 gain b. 322,400 loss c. 422,400 gain d. 122,400 loss What is the carrying amount of the note payable on December 31, 2022? 2 a. 3,677,600 b. 3,800,000 c, 3,493,720 d. 4,000,000 4, Prepare journal entries for 2022.Problem 8-24 (IAA) On January 1, 2022, Katniss Company Re on a 10% three-year interest-bearing no te. Tre N from the borrowing amounted to P5,009 Ge net 0 95 payable annually every December 31. 000. 7,,P8 te The entity elected the fair value option in measuy. payable. ring tp, : te On December 31, 2022 and 2023, the risk fact, that the rate of interest applicable to the note" 12% respectively. ing Ote wag i°atey 6 and PV of 18% 4 periods PV ofan ordinary annuity of 1 8% 4 periods wa PV of 1 12% 3 periods aay PV of anordinary annuity of 1 12% 3 periods Ory 240) 1. What amount should be reported as interest ex 2022? . 533,100 500,000 250,000 600,000 PENSE fop Resp 2, What amount should be reported as gain or loss change in fair value for 2022? Seu a. 400,000 gain b. 400,000 loss ¢. 331,000 loss d. 331,000 gain 3. What amount should be reported é CLahaeati tiie valaaitie Baas as gain or loss from a. 570,000 gain b. 570,000 loss c. 239,000 gain d. 239,000 loss 4. Prepare journal entries for 2022 and 2023. 278 4. eeceh, ep for oY to Multiple choice (AICPA Adapted) a note payable solely in exchange seat of the note payable at issuance se! 8-25 amount amount dil Re & Proceeds ee discounted at the prevailing st discounted at the prevailing interest rate ote payable issued in exchange cee o ae ve amount, the difference nt ty is less than fi x a property stouls yf thi et in the cost of the ass 3 a. pee eeiarest expense over the life of the note Ps eoontized as interest expense over the life of the asset 4 Tpaladed in interest expense in the year of issuance i wed cash from a bank and issued to the a Pee rn noninterest bearing note payable. The rea discounted the note at 10% and remitted the roceeds to the entity. The effective interest rate paid by the entity in this transaction would be a, Equal to the stated discount rate of 10% pb. More than the stated discoumt rate of 10% c. Less than the stated discount rate of 10% a. Independent of the stated discount rate of 10% 4, At issuance date, the present value of a promissory note js equal to the face amount if the note a. Bears a stated rate of interest which is realistic- b. Bears a stated rate of interest which is leas than the pervailing market rate for similar notes. c. Is noninterest bearing and the implicit interest rate is less than the prevailing market rate for similar notes. a. Is noninterest bearing and the implicit interest rate is equal to the prevailing market rate for similar notes. 279 PT tt Re