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Compute the interest income

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Problem - On January 1, 2020 DEF Company sold machineries with a carrying amount of P4,800,000 in exchange for a P6,000,000 noninterest-bearing note due January 1, 2023. There was no established exchange price for the machineries. The prevailing rate of interest for similar note was 10%. The present value of 1 at 10% for three periods is 0.75 and the present value of annuity of 1 at 10% for three periods is 2.4869. Compute the interest income for 2020.

Reference no: EM132796385

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