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How much is the interest revenue reported

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Question - On April 1, 2020, Churva Company sold a tract of land that originally cost P400,000. Churva received a P600,000, 6% note as payment for the land. The principal amount of the note is payable on March 31, 2023. Interest is payable on March 31, 2021, March 31, 2022 and March 31, 2023. At April 1, 2020, the prevailing rate of interest for a similar obligation is 10%. On this date, there is no available cash price for the land.

 

at 6%

at 10%

PV of a single payment

0.8396

0.7513

PV of ordinary annuity

2.6730

2.4869

Churva's accounting period ends on December 31. How much is the interest revenue reported in the statement of comprehensive income for the year ended December 31, 2021?

a. 54,031

b. 55,384

c. 55,834

d. 54,482

Reference no: EM132800138

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