8. On Jan. 1, 20x1, Meeting Co. received a noninterest-bearing note with face amount of P1,000,000, due in five equal annual installments starting on Jan. 1, 20x1 and every 1st of January thereafter. The current rate on Jan. 1, 20x1 was 12%. How much are the interest income in 20x1 and the carrying amount of the note on Dec. 31, 20x1, respectively? a. 72,896; 607,470 c. 72,896; 680,366 b. 72,896; 480,366 d. 57,644; 338,010