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What is the interest income for savage company

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Problem 1: On January 1, 2020 Savage company sold goods to another entity. The buyer signed a noninterest-bearing note requiring payment of P600,000 annually for seven years. The ?rst payment was made on January 1, 2020. The prevailing interest for this type of note at date of issuance was 10%. The present value of 1 at 10% for 6 periods and 7 periods .56 and .51 respectively. The present value of an ordinary annuity of 1 for 6 and 7 periods are 4.36 and 4.87 respectively. What is the interest income for 2020?

Option 1: 300,000

Option 2: 232,200

Option 3: 261,500

Option 4: 360,000

Reference no: EM132795545

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