On January 1, 2021, Takemichi Company sold a piece of equipment to Hina Company with a cost of P3,400,000 and accumulated depreciation of P600,000 in exchange for an annual 8% interest-bearing note, P4,000,000. Hina company is required to make five annual payments of principal plus interest. Questions: What is the interest income for the year 2024?  How much is the total proceeds of Takemichi for the year 2025?

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A:

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Q: The interest income to be recognized in 2022 is?

A:

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