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What incredible hulk company uses the calendar year

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Question 1: On April 1, 2017, Incredible Hulk Company sold a machine to Banner Enterprises in exchange for a P450,000 non-interest bearing note due on April 1, 2021. There was no established exchange price for the equipment and the note has no ready market. The prevailing rate of the interest for a note at April 1, 2017 was 12%. The equipment had a carrying value of P275,000 at the time of sale. The collection of the note from Banner Enterprises is reasonably assured. Incredible Hulk Company uses the calendar year for reporting purposes

  1. Initial measurement of the notes receivable
  2. Interest income for 2017
  3. Unearned interest as of December 31, 2018

Reference no: EM132571277

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