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What should Dagupan report as notes receivable

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Reference no: EM132909794

Question - On December 31, 2021, Dagupan Company sold an equipment in exchange for a noninterest bearing note requiring five annual payments of P500,000. The first payment was made on December 31, 2022. The prevailing interest rate was 8%.

On December 31, 2021 statement of financial position, what should Dagupan report as notes receivable?

What interest income should be reported in 2022?

Reference no: EM132909794

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