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What is the interest expense on december

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On January 1, 2021, Kia Company signed an agreement to operate as a franchise.

Down payment              P150,000

Annual payment at the end of each year for 3 periods    250,000

Effective rate              10%

Franchise term              3 years

Estimated useful life            10 years

The entity used 2 decimal places for the PV factor.

What is the interest expense on December 31, 2022?

Reference no: EM133272913

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