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What is the deferred grant income on december

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Reference no: EM132562839

On January 01, 2020, SM agreed to provide Accounting Company with a P5,000,000 three year, zero interest bearing loan evidenced by promissory note. The prevailing rate of interest for a loan of this type is 10% and the PV of 1 at 10% for three years is .7513.

Question 1: What is the interest expense for 2020?

Question 2: What is the deferred grant income on December 31, 2020?

Reference no: EM132562839

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