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Find how much is the interest income recognized

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On January 1, 2020, KTA Inc. sold merchandise to Candy Merchandising in exchange for a non-interest bearing note requiring 10 annual payments of P100,000. Candy Merchandising made the first payment on December 31, 2020. The prevailing market interest rate for similar notes is 8%.

Required:

Problem 1: How much is the value of notes receivable as of December 31, 2021?

Problem 2: How much is the Interest income recognized during 2021?

Reference no: EM132833088

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