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  • Amortization

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    Joy
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    Seaweed should report P30,000 as interest income in its 2019 statement of comprehensive income. The document shows a table with interest income earned each year from 2019 to 2021 on a loan with a principal of P300,000. In 2019, the interest income earned was P30,000, so this is the amount that should be reported for 2019.

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    Seaweed should report P30,000 as interest income in its 2019 statement of comprehensive income. The document shows a table with interest income earned each year from 2019 to 2021 on a loan with a principal of P300,000. In 2019, the interest income earned was P30,000, so this is the amount that should be reported for 2019.

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    © All Rights Reserved
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    6 views1 page

    Amortization

    Uploaded by

    Joy
    Seaweed should report P30,000 as interest income in its 2019 statement of comprehensive income. The document shows a table with interest income earned each year from 2019 to 2021 on a loan with a principal of P300,000. In 2019, the interest income earned was P30,000, so this is the amount that should be reported for 2019.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    In Seaweed’s 2019 statement of comprehensive income, how much should be reported as

    interest income?
    a. P40,000
    b. P33,000
    c. P30,000
    d. P13,500

    Date Interest Income Unearned Interest Present Value


    (C)
    (A) (B) (D)
    C–B
    D X Rate D+B

    Jan. 01, 2019 100,000 300,000

    Dec. 31, 2019 30,000 70,000 330,000

    Dec. 31, 2020 33,000 37,000 363,000

    Dec. 31, 2021 37,000 0 400,000

    ------------

    100,000

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