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Allen Co. has P4,000,000 note receivable from sale of land bearing interest at 11% per annum. The note is dated April 1, 2020. The note

Allen Co. has P4,000,000 note receivable from sale of land bearing interest at 11% per annum. The note is dated April 1, 2020. The note is payable in 4 annual installments of P1,000,000 plus interest on the unpaid balance every April 1. The initial principal and interest payment was made on April 1, 2021.

a. The interest income for 2021 is?

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