On May 1, 2021, BB received a 3-year, P1,200,000 note receivable due on April 30, 2024. The note was received upon sale of an old machinery of BB which is no longer use in its operation. The interest effective of similar note is at 7%.   Statement 1: The carrying value of the note as of December 31, 2022 is P1,097,039. Statement 2; The interest income for the period ending December 31, 2022 is P71,770. Group of answer choices Only statement 2 is true Both statements are true Only statement 1 is true Both statements are false

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