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What amount of interest expense that should be reported

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Problem 1: For the year ended Dec. 31, 2020, Philippians Company paid interest totaling P15,000. The prepaid interest expense is P44,500 and P17,500, respectively on December 31, 2019 and 2020. The interest payable is P5,000 and P8,500, respectively on December 31, 2019 and 2020. The amount of interest expense that should be reported on December 31, 2020?

Reference no: EM132813334

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