PROBLEM 13 LIGO Company has P3,000,000 note receivable from sale of plant bearing interest at 12% per annum. The note is dated June 1, 2020. The note is payable in three annual installments of P1,000,000 plus interest on the unpaid balance every June 1. The initial principal and interest payment was made on June 1, 2021. 36. The interest income from this note for 2021 is:

PROBLEM 13 LIGO Company has P3,000,000 note receivable from sale of plant bearing interest at 12% per annum. The note is dated June 1, 2020. The note is payable in three annual installments of P1,000,000 plus interest on the unpaid balance every June 1. The initial principal and interest payment was made on June 1, 2021. 36. The interest income from this note for 2021 is:

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter14: Long-term Liabilities: Bonds And Notes

Section: Chapter Questions

Problem 11E

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