On January 1, 2018, UE Realty Company sold property carried in inventory at a cost of P1,312,710 for P2,100,000. A 20% down payment was made and the balance payable in 4 equal installments of P420,000, payable semi-annually every June 30 and December 31. Expenses related with sale, P100,000. (Market rate of interest-12%). How much is the net income related with the installment sales for the year ended December 31, 2018?
On January 1, 2018, UE Realty Company sold property carried in inventory at a cost of P1,312,710 for P2,100,000. A 20% down payment was made and the balance payable in 4 equal installments of P420,000, payable semi-annually every June 30 and December 31. Expenses related with sale, P100,000. (Market rate of interest-12%). How much is the net income related with the installment sales for the year ended December 31, 2018?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 5RE: Dani Corporation signed a binding commitment on December 2 to purchase inventory for 300,000 cash on...
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On January 1, 2018, UE Realty Company sold property carried in inventory at a cost of P1,312,710 for P2,100,000. A 20% down payment was made and the balance payable in 4 equal installments of P420,000, payable semi-annually every June 30 and December 31. Expenses related with sale, P100,000. (Market rate of interest-12%).
How much is the net income related with the installment sales for the year ended December 31, 2018?
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