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Compute for the unearned interest income

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Reference no: EM132880932

ABC Co. a manufacturer and seller of computer machinery sold 25 computers costing P25,000 for P900,000 to XYZ Co., one of their major clients last Jan. 2021.

  • XYZ Co. paid P400,000 and signed a noninterest bearing note for the remainder, payable in four equal annual installments every December 31 starting this year. The cash sale price of all the computers is P775,000.


Problem 1. Compute for the unearned interest income.

Problem 2. Compute for the gain on sale of computers.

Problem 3. Prepare the journal entries from the year 2021 to 2024.

Reference no: EM132880932

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