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What amount of interest income included in income statement

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Problem - On January 1. 2020. Dressrosa Co. sold a building. which had a carrying amount of P350000, receiving a P125000 down payment and. as additional consideration. a P400000 noninterest bearing note due on January 1, 2023. There was no established exchange price for the building, and the note had no ready market. The prevailing rate of interest for a note of this type at January 1, 2020, was 10%. The present value of 1 at 10% for three periods is 0.75. What amount of Interest income should be included in Dressrosa's 2020 income statement?

Reference no: EM132929041

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