Question: HAKA received two notes from customers for sales that ABC made in 2018. The notes included: Note A: Dated 5/31/2018, principal of P120,000 and interest

HAKA received two notes from customers for sales that ABC made in 2018. The notes included: Note A: Dated 5/31/2018, principal of P120,000 and interest due 3/31/2019. Note B: Dated 7/1/2018, principal of P200,000 and interest at 8% annually, due on 4/1/2019. HAKA had accrued a total of P14,400 interest receivable from these notes in its 12/31/2018 balance sheet.

Assume HAKA views the financing component of these sales to be significant. What amount of interest revenue would HAKA earn on these notes during 2019?

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