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Question - Sad Company accepted P200,000, 90-day, 12% interest bearing note dated November 15, 2015 form a customer. On December 15, 2015, Sad discounted the note at Finance Company at 15% discount rate. Sad Company informed the maker of the note regarding the discounting arrangement. On maturity date, the maker of the note did not pay the note and as a result Finance Company charged Sad Company for the total amount due plus P2,000 protest fee.
What amount of interest income should Sad Company recognize related to the notes receivable in its December 31, 2105 statement of financial position?
A. None
B. P1,000
C. P2,000
D. P3,000
The following are facts about the investments of Howard Company 1/1/15 You purchased 44,100 shares of Entron Co Stock for $1,896.
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