On October 1, 200A, CF sold a car costing P500,000 payable as follows: 1st year: cash 2nd year: 12% interest bearing note 200,000 3rd year: 12% interest bearing note 500,000 P300,000 How much is the total reportable income in year 200A:

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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On October 1, 200OA, CF sold a car costing P500,000 payable
as follows:
1st year: cash
2nd year: 12% interest bearing note 200,000
3rd year: 12% interest bearing note 500,000
P300,000
How much is the total reportable income in year 200A:
P506,000
P500,000
P300,000
P6,000
Transcribed Image Text:On October 1, 200OA, CF sold a car costing P500,000 payable as follows: 1st year: cash 2nd year: 12% interest bearing note 200,000 3rd year: 12% interest bearing note 500,000 P300,000 How much is the total reportable income in year 200A: P506,000 P500,000 P300,000 P6,000
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