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How much is the interest income recognized by Clark

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Problem - On January 1, 2020, Clark Co. received a P3,000,000, 10% note from a customer upon the sale of its goods. The note is to be paid in six equal semi-annual installments, plus interest on the outstanding balance every June 30 and December 31, starting June 30, 2020. The effective rate on the note is 9%.

1. How much is the note upon initial recognition?

2. How much is the interest income recognized by Clark in 2020?

3. How much is the carrying amount of the note on December 31, 2021?

Reference no: EM132908638

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