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Compute the gain on sale of computers

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Reference no: EM132961321

Question - ABC Co. a manufacturer and seller of computer machinery sold 25 computers costing P25,000 for P900,000 to XYZ Co., one of their major clients last Jan. 2021.

XYZ Co. paid P400,000 and signed a noninterest bearing note for the remainder, payable in four equal annual installments every December 31 starting this year. The cash sale price of all the computers is P775,000.

Required -

1. Compute the unearned interest income.

2. Compute the gain on sale of computers.

3. Prepare the journal entries from the year 2021 to 2024.

Reference no: EM132961321

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