On January 2, 2021, Capcom Co. sold merchandise to , Nintendo Inc. for P1,200,000. The cost of items to Capcom was P900,000. A 20% down payment was made and the balance in 5 annual installments of P192,000 plus 10% interest. Nintendo made the 1st principal and interest payment on December 31, 2021. Selling Expenses related with the installment sale is P50,000. How much is the net income related with the sale on installment in 2021?
On January 2, 2021, Capcom Co. sold merchandise to , Nintendo Inc. for P1,200,000. The cost of items to Capcom was P900,000. A 20% down payment was made and the balance in 5 annual installments of P192,000 plus 10% interest. Nintendo made the 1st principal and interest payment on December 31, 2021. Selling Expenses related with the installment sale is P50,000. How much is the net income related with the sale on installment in 2021?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 2, 2021, Capcom Co. sold merchandise to , Nintendo Inc. for P1,200,000. The cost of items to Capcom was P900,000. A 20% down payment was made and the balance in 5 annual installments of P192,000 plus 10% interest. Nintendo made the 1st principal and interest payment on December 31, 2021. Selling Expenses related with the installment sale is P50,000.
How much is the net income related with the sale on installment in 2021?
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