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On January 1, 2020, Frank Co. received a 14%, three-year note from a customer. The interest on the note is paid every June 30 and December 31. The note has a face value of P1,000,000. The effective rate applicable on the note is 12%.
Question 1. Determine the initial amount of the note.
Question 2. Prepare an amortization table to show the balance of the note at the end of each reporting period from 2020 to 2022.
Question 3. Compute for the interest income recognized by Frank during each period from 2020 to 2022.
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