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How much is credited to deferred income upon the receipt

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Question - On January 1, 2019, Virgo Company received from the government a P5,000,000 three-year, zero-interest loan evidenced by a promissory note. The prevailing rate of interest for a loan of this type is 10%. The present value of 1 at 10% is .75 for three periods. How much is credited to deferred income upon the receipt of the grant?

Reference no: EM132806704

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