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At what amount should the receivable from the president

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Question - On July 1, 2020, Philbank grants a 5-year P5,000,000 non-interest bearing advance to its president. The market rate of interest for similar obligations is 12%.

At what amount should the receivable from the president be taken up by Philbank on July 1, 2020?

A. 2,837,000

B. 2,873,000

C. 4,400,000

D. 5,000,000

How much is the interest revenue recognized by Philbank for the year 2020?

A. 600,000

B. 340,440

C. 300,000

D. 170,220

Reference no: EM133178277

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