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What marvel company us calendar year for reporting purposes

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Problem 1: On August 1, 2017, Marvel company sold land costing P2,200,000 and received in exchange a note with a face amount of P3,000,000 maturing on August 1, 2020. It bears an interest rate of 12% which approximates the current interest rates in the market. Marvel Company uses the calendar year for reporting purposes

  1. Gain reported arising from the sale
  2. Interest income for 2017
  3. Note receivable amount reported in December 31, 2017 statement of financial position

Reference no: EM132728356

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