y 2, 2022, Toyota sold a car to Irish for P1,050,000. On this date, the car cost P735,000. Irish paid P150,000 as a down payment and signed a 10% interest bearing note. The note was payable in three annual installments of P300,000 beginning December 30, 2022. Expenses related with the sale, P50,000. How much is the net income related with the installment sale on December 31, 2022?

y 2, 2022, Toyota sold a car to Irish for P1,050,000. On this date, the car cost P735,000. Irish paid P150,000 as a down payment and signed a 10% interest bearing note. The note was payable in three annual installments of P300,000 beginning December 30, 2022. Expenses related with the sale, P50,000. How much is the net income related with the installment sale on December 31, 2022?

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

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 10MC: On January 1, 2019, Park Company accepted a 36,000, non-interest-bearing, 3-year note from a major...

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