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How much is the revenue to be recognized on this contract

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Question - On July 1, 2021, Emerald Corporation sold a set of washing machine and a dryer for a total contract price of P200,000. The stand alone selling prices of the washing machine and the dryer if sold separately are: 150,000 and 70,000, respectively. A 20% down payment was made and the balance is payable in six (6) equal installment payments of P28,564, inclusive of 2% interest, payable quarterly starting September 30 and December 31, 2021.

Required -

1. How much is the revenue to be recognized on this contract on July 1, 2021?

2. How much is the total amount of interest earned in 2021?

Reference no: EM133066807

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