On Jan 1, 20X4, ABC Corp sold goods and receive a P400,000 non-interest bearing note due on Jan 1, 20X7. Effective interest was 10%. What was the amount of interest income should be included in the 20X4 financial statements? 35,053 40,109 0 30,053

On Jan 1, 20X4, ABC Corp sold goods and receive a P400,000 non-interest bearing note due on Jan 1, 20X7. Effective interest was 10%. What was the amount of interest income should be included in the 20X4 financial statements? 35,053 40,109 0 30,053

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 14RE: On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank....

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