On January 1,2021, Mickey Mouse Corporation sells a Furniture and Fixtures costing P2,500,000 and with accumulated depreciation of P1,200,000 as of January 1,2021. The company receives 3-year, P900,000 note. The note is a non-interest bearing note and the prevailing rate of interest for a note of this type is 10% and the principal amount of the note is to be paid in the three equal annual installments of P300,000 every end of December 31. How much is the interest income for the year ended December 2021? Zero 90,000 74,601 52,061

On January 1,2021, Mickey Mouse Corporation sells a Furniture and Fixtures costing P2,500,000 and with accumulated depreciation of P1,200,000 as of January 1,2021. The company receives 3-year, P900,000 note. The note is a non-interest bearing note and the prevailing rate of interest for a note of this type is 10% and the principal amount of the note is to be paid in the three equal annual installments of P300,000 every end of December 31. How much is the interest income for the year ended December 2021? Zero 90,000 74,601 52,061

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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