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Determine what is the interest receivable

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Question: On June 1, 2020, Vent Company loaned Irvin P200,000 on a 12% note, payable in five annual installments of P40,000 beginning January 2, 2021. In connection with this loan, Irvin was required to deposit P2,000 in a zero-interest-bearing escrow account. The amount held in escrow is to be returned to Irvin after all principal and interest payments have been made. Interest on the note is payable on the first day of each month beginning July 1, 2020. Irvin made timely payments through November 1, 2020. On January 2, 2021, Vent received payment of the first principal installment plus all interest due.

1. At December 31, 2020, what is the interest receivable?

2. What is the total interest income for 2020?

3. How much is the interest income for 2021?

Reference no: EM132749478

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