How do I get 12967 for cash receipt?

Case study 15.1 Payment by instalment Johnson Ltd is entering into a contract to sell boat products to Fisher Ltd for $50 000. The agreement allows Fisher Ltd to pay for these goods by equal instalments, the first instalment being required on delivery and the remainder to be paid every 6 months for the next 2 years. The boat products are delivered to Fisher Ltd on 1 January 2017 Johnson Ltd determine that an appropriate discount rate for interest on this transaction is 5% per annum. Required Advise Johnson Ltd on how the company is to account for the revenue from this transaction. To provide the journal entries for Johnson Ltd, we need to determine the interest component of the instalment payments. The easiest way to do this is to draw up a table, as shown below Date Opening Cash Interest Principal Outstanding balance 37 033 24 992 12 650 balance 50 000 37 033 24 992 12 650 receiptincome 12967 12967 12 967 12967 51 868 reduction 1 Jan 2017 1 Jul 2017 1 Jan 2018 1 Jul 2018 926 625 317 1868 12 041 12 342 12 650 37 033 For the year ended 31 December 2017, Johnson Ltd would record the following journal entries 1 Jan 2017 Receivable Dr 51868 Cr Revenue Deferred interest Cr 50 000 1 868 Cash Dr 12967 Cr Receivable 12 967 1 Jul 2017 Cash Dr 12 967 Cr Receivable 12 967 31 Dec 2017 Deferred interest Dr 926 Interest incomeCr 926