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Question - On December 31, 2021, CPA Co. sold for P3,000,000 an old equipment having an original of P5,400,000 and carrying amount of P2,400,000. The terms of the sale were P600,000 down payment and P1,200,000 payable each year on December 31 of the next two years. The sale agreement made no mention of interest. However, 9% would be a fair rate for this type of transaction. The present value of an ordinary annuity of 1 at 9% for two years is 1.76. What is the interest income for 2022?

Reference no: EM132924378

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