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How much is the amount of interest income recognized

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Question - On January 1, 2021, Exo Company received a P200,000 cash and a 4-year, 3%, P500,000 note to be collected on December 31, 2024. Interest on this note is to be collected at the end of each year. The note was received from sale of an quipment with original cost of P1,000,000 and accumulated depreciation of P400,000 on date of sale. Interest effective on the note is 5%.

Required -

How much is the amount of gain (loss) on sale recognized on January 1, 2021 from sale of equipment?

How much is the amount of interest income recognized in its statement of comprehensive income for the period ending December 31, 2022?

Reference no: EM133016816

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