On January 1, 2023, the city government provided  Swerte Company a zero interest, P6,000,000 loan with a  4-year term. The prevailing market rate of interest for this  type of loan is 8%.  What is included in the entries on December 31, 2024?  (PVF 3 decimals) A. Debit interest expense P352,800 B. Credit income from grant P352,800 C. Credit income from grant P381,024 D. Credit interest expense P381,024

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A: Solution...     Cost =1,350,000  Salvage = 600,000  Life = $10 years

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A:

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