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What amount of interest income is recognized

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Problem - Appease Co. recognized impairment loss of P623,246 on its credit-impaired loan receivable with previous carrying amount of P8,200,000. The loan bears zero interest and is due in lump sum at maturity date. The current rate on impairment testing date was 12%, while the original effective interest rate was 10%. What amount of interest income is recognized on the loan in the period immediately following the impairment?

Reference no: EM132910023

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