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How much is the interest income for the year ending december

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LINDT Corporation manufactures and sells electrical generators. On May 31, 2020, it sold an electrical generator costing ? 700,000 for ? 1,000,000. The buyer paid ?100,000 down and signed a ? 900,000 non-interest bearing note payable in three equal installments starting May 31, 2021. Assume the prevailing interest rate for a note of this type is 12%. The present value of an ordinary annuity of 1 for three periods is 2.4018.

Problem a. How much is the Gross revenue on the sale?

Problem b. How much is the Unearned interest income on May 31, 2020?

Problem c. How much is the Interest income for the year ending December 31, 2021?

Reference no: EM132793211

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