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How much total amount of income-loss must be presented

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Question - On January 1, 2019, Hope Company sold a land that originally cost P1,000,000 to Courage Company. As payment, Courage gave Hope a P1,500,000 note. The note bears an interest rate of 8% and is to be repaid in three annual installments plus interest on outstanding balance. The first payment is due on December 31, 2019. The market price of the land is not reliably determinable. The prevailing interest rate for notes of this type is 6%.

Required - How much total amount of income/loss must be presented as part of profit or loss for the year 2019 related to the notes?

Reference no: EM132968787

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