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What amount of interest revenue for unilever company

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On January 1, 2015, Unilever Company sold a building and received as consideration P1,000,000 cash and a P4,000,000 noninterest-bearing note due on January 1, 2018.

  • 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 on January 1, 2015 was 10%. The present value of 1 at 10% for three periods is 0.75.

Problem I: What amount of interest revenue should be reported for 2016?

a. 370,000

b. 400,000

c. 300,000

d. 330,000

Reference no: EM132838222

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