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Compute how much interest income should be reported

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Point 1: On January 2, 2017, tract of land that originally cost P800,000 was sold by Indonesia May Company. The company received a P1,200,000 note as payment. It bears interest rate of 4% and is payable in 3 annual instalments of P400,000 plus interest on the outstanding balance. The prevailing rate of interest for a note of this type is 10%.

Question 1: How much interest income should be reported for 2017? Can you please provide solution and an explanation.

Reference no: EM132496129

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