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How much is the accrued interest on december

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Problem 1: On July 1, 2019, the company sold land costing P4,500,000, receiving a P600,000 down payment and a P5,000,000 note that bears interest of 10%. The note is payable in 10 annual installments of P500,000 plus interest on the unpaid balance every July 1. The first payment of principal and interest was made on July 1, 2020. (i) How much is the gain on sale? (ii)How much is the accrued interest on December 31, 2020?

Option 1: (i) 1,100,000, (ii) 450,000

Option 2: (i) 1,100,000, (ii) 225,000

Option 3: (i) 500,000, (ii) 225,000

Option 4: (i) 500,000, (ii) 450,000

Reference no: EM132750457

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