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What is the interest income that shall be reported

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Q1. On January 1, 2020, Company A received a 5 year Non-interest bearing note payable to Company A on December 31, 2024, P 5,000,000. The market interest rate for this type of transaction is 12%. What is the carrying value of the note on January 1, 2020?

Q2. On January 1, 2020, Company A received a 5 year Non-interest bearing note payable to Company A on December 31, 2024, P 5,000,000. The market interest rate for this type of transaction is 12%. What is the interest income that shall be reported on the statement of financial performance on December 31, 2020?

Q3. On January 1, 2020, Company A received a 5 year Non-interest bearing note payable to Company A on December 31, 2024, P 5,000,000. The market interest rate for this type of transaction is 12%. What is the interest income that shall be reported on the statement of financial performance on December 31, 2022?

Reference no: EM132997840

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