Entei Bank granted a P5,000,000 loan to Raikou Company on January 1, 2020. The annual interest on

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Entei Bank granted a P5,000,000 loan to Raikou Company on January 1, 2020. The annual interest on the loan is 8% payable semi-annually. The loan matures in three years on December 31, 2022. The effective interest rate on the loan is 10%.

How much is the total interest income to be presented on the statement of comprehensive income for 2020?

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Intermediate Accounting

ISBN: 978-0324300987

10th Edition

Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones

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Posted Date: Apr 21, 2022 08:03 AM

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Entei Bank granted a P5,000,000 loan to Raikou Company on January 1, 2020. The annual interest on

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Intermediate Accounting

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