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How much interest income should Mayaman Bank report

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Reference no: EM132927706

Question - On December 31, 2018, Mayaman Bank entered into a debt restructuring agreement with Mayabang Corp which was experiencing financial difficulties.  A note for P1,000,000 and 1-year's accrued interest was due on this date from Mayabang. The loan receivable from Mayabang was restructured as follows:

-Reduce the principal obligation to P700,000

-Forgave the P120,000 of accrued interest for 2018

-Extended the maturity date to Dec 31, 2021.

-Reduce the interest rate to 8%. Interest is payable annually on Dec 31, beginning 2019.

How much interest income should Mayaman Bank report for the year ended December 31, 2019?

Reference no: EM132927706

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