On June 1, 200A, ABC Company sells to XYZ, 5 used factory equipment, each of which was acquired at P20,000, 3 years ago. The carrying value of each piece of equipment is P5,000. The selling price of each piece of equipment is P5,200. Upon executing the sale, ABC receivedP6,000 a down payment and an 11% 1-year promissory note for the balance. 

At the end of December 200A, how much is the total amount of income that should be shown in ABC’s income statement.

Answer rating: 100% (QA)

Income is the money that has been earned by the company during the year or the perio... View the full answer