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What is interest income for the year

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Problem 1: ABC is a manufacturer of computer parts. On Jan. 1, 2020, it sold several integrated circuits to a major customer for a P1,600,000 non-interest bearing note. They agreed that the note would have a term of 4 years and would require payments of P400,000 every Jan. 1 starting 2021. The effective interest at the time of sale was 6%. What is interest income for the year 2022?

Reference no: EM132816113

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