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How much should be reported as interest expense

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Question - Green Corporation had the following notes at 12% interest payable at maturity. The Corp. paid each note on scheduled maturity date.

Date

Amount

Maturity Date

Term

11/1/2020

P860,000

10/31/2021

1 year

2/1/2021

1,440,000

7/31/2021

6 months

5/1/2021

2,500,000

1/31/2021

9 months

The corp. recorded interest expense when the notes are repaid. As a result, interest expense of P189,600 was recorded in 2021. How much should be reported as interest expense for 2021?

Reference no: EM133079605

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