On May 1, 2014, Nico Company sold merchandise to Customer Francis and received a P26,400 (face amount), one-year, noninterest-bearing note. The going (i.e. market) rate of interest is 10 percent. The...

On May 1, 2014, Nico Company sold merchandise to Customer Francis and received a P26,400 (face amount), one-year, noninterest-bearing note. The going (i.e. market) rate of interest is 10 percent. The annual reporting period for Nico Company ends on December 31. Customer Francis paid the note in full on its maturity date.

What is the balance of Notes Receivable for 2014?