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How much is the interest income for the year

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Q1. On January 1, 2019, Im Yoon-ah Co. acquired 20,000 ordinary shares out of the 100,000 outstanding ordinary shares of Seohyun Inc. for P5,000,000. Seohyun's assets and liabilities approximate their fair values except for inventories with carrying amount of P600,000 and fair value of P650,000, machinery with carrying amount of P1,000,000 and fair value of P1,500,000 and land with carrying amount of P1,500,000 and fair value of P1,200,000. The remaining useful life of the machinery is 10 years. Seohyun's net assets have a book value of P12,000,000. On December 31, 2019, Seohyun reported net income of P8,000,000 and declared and paid dividends of P2,000,000. How much is the carrying amount of the investment as of December 31, 2019?

Q2. ABC Company has a note that bears 8% interest and is to be repaid in 3 equal annual installments of 250,000 every December 31 plus interest on outstanding balance. The first payment is due on December 31,2019 and the prevailing interest rate for note of this type is 12%. How much is the interest income for the year 2020 that shall be presented on the Statement of Comprehensive Income?

Reference no: EM132936451

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