What is the total amount of interest receivable to be report

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Reference no: EM132781356

During the year 2016, Van Company had the following selected transactions:

June 30 - Received a 12%, 2-year P400,000 promissory note from Jack Company for services rendered. Payments of P200,000 in principal plus accrued interest are due annually on June 30, 2017 and June 30, 2018-
September 30 - Received a 5%, 6-month P200,000 principal promissory note dated August 30, 2016 from Queen Company for services rendered. Principal plus accrued interest is payable upon maturity date. The fair market value of services rendered amounted to P201,500.
October 31 - Received a 15%, 1-year P100,000 promissory note from King Company for services rendered. The principal and accrued interest will be paid in full on October 31, 2017.

Question 1: What is the total amount of interest receivable to be reported in the 2016 Statement of Financial Position?

Reference no: EM132781356

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