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What is the interest expense incurred on december

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Reference no: EM132759638

On January 1, 2020, Tekla Company signed an agreement to operate as a franchise.

Initial franchise fee P4,000,000
Annual payment at the beginning of each year for 5 periods 800,000
Effective rate 15%
Franchise term 5 years
Estimated useful life 8 years

Problem 1: The entity used 2 decimal places for the PV factor. What is the interest expense incurred on December 31, 2021?

Reference no: EM132759638

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