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What interest income that shall be reported on statement

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Reference no: EM132908744

On January 1, 2020, Company A received a 5 year Non-interest bearing note payable to Company A on December 31, 2024, P 5,000,000. The market interest rate for this type of transaction is 12%.

Problem 1: What is the interest income that shall be reported on the statement of financial performance on December 31, 2022?

Reference no: EM132908744

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