On January 1,2021, Mickey Mouse Corp sells a Furniture and Fixtures costing P1,200,000 and with accumulated depreciation of P550,000 as of January 1,2021. The company receives 5-year, P500,000, 12% note. The stated interest in unrealistic since the prevailing rate of interest for a note of this type is 14%. How much is the interest income to be recognized in December 31, 2022? 65,196 65,923 66,753 67,698

On January 1,2021, Mickey Mouse Corp sells a Furniture and Fixtures costing P1,200,000 and with accumulated depreciation of P550,000 as of January 1,2021. The company receives 5-year, P500,000, 12% note. The stated interest in unrealistic since the prevailing rate of interest for a note of this type is 14%. How much is the interest income to be recognized in December 31, 2022? 65,196 65,923 66,753 67,698

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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6. Answer what is required of the problem.
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