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An entity borrowed money under various loan agreement involving notes requiring interest payments at maturity. During the current year, the entity paid interest totaling
An entity borrowed money under various loan agreement involving notes requiring interest payments at maturity. During the current year, the entity paid interest totaling P6,000,000. The statement of financial position included the following: Prepaid interest Interest payable January 1 500,000 2,000,000 December 31 1,500,000 2,500,000 What amount of interest expense should be reported for the current year?
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