Question: Problem 1. Umingan Company has a 10% note receivable dated June 30, 2005, in the original amount of P9,000,000. Payments of P3,000,000 in principal plus

Problem 1. Umingan Company has a 10% note receivable dated June 30, 2005, in the original amount of P9,000,000. Payments of P3,000,000 in principal plus accrued interest are due annually on July 1, 2006, 2007 and 2008. In its June 30, 2007 balance sheet, what amount should Umingan report as a current asset for interest on the note receivable? 600,000

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