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How much sales revenue is recorded in January

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PROBLEM - On January 1, 2020, Kaya Co. sold goods to Mane Co. Mane signed a noninterest-bearing note requiring payment of P60,000 annually for seven years. The first payment was made on January 1, 2020. The prevailing interest rate for this type of note on the date of issuance was 10%.

1. How much sales revenue is recorded in January 2020?

2. How much interest income is recorded in 2020?

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

Reference no: EM132928068

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