On January 1,2021, Mickey Mouse Corp sells a Furniture and Fixtures costing P1,200,000 and with accumulated depreciation of P550,000 as of January 1,2021. The company receives 5-year, P500,000, 12% note. The stated interest in unrealistic since the prevailing rate of interest for a note of this type is 14%. How much is the interest income to be recognized in December 31, 2022? 65,196 65,923 66,753 67,698
On January 1,2021, Mickey Mouse Corp sells a Furniture and Fixtures costing P1,200,000 and with accumulated depreciation of P550,000 as of January 1,2021. The company receives 5-year, P500,000, 12% note. The stated interest in unrealistic since the prevailing rate of interest for a note of this type is 14%. How much is the interest income to be recognized in December 31, 2022? 65,196 65,923 66,753 67,698
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
Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable
Section: Chapter Questions
Problem 28E: On January 1, 2019, Northfield Corporation becomes delinquent on a 100,000, 14% note to First...
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On January 1,2021, Mickey Mouse Corp sells a Furniture and Fixtures costing P1,200,000 and with accumulated depreciation of P550,000 as of January 1,2021. The company receives 5-year, P500,000, 12% note. The stated interest in unrealistic since the prevailing rate of interest for a note of this type is 14%. How much is the interest income to be recognized in December 31, 2022?
- 65,196
- 65,923
- 66,753
- 67,698
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