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What amount of income will be recognized for the year ending

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The next 6 questions pertain to this problem. Jose Carpio decided to invest P1,000,000 excess cash in a bank at 3% annual interest rate on March 1, 2019. Interest is paid on a monthly basis every 1st of the month.

Question 1: What amount of income will be recognized for the year ending, December 31, 2019?

Question 2: What amount of cash will be collected for interest revenue in 2019?

Question 3: What is the amount of interest receivable as of Dec. 31, 2019?

Question 4: What amount of cash will be collected for Interest revenue in 2020?

Reference no: EM132785561

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