Notes Receivable

On December 30, 2019, Ajuju 2 points Company sold an equipment costing P600,000.00 with accumulated depreciation of P450,000.00 to Ajeje Co. in exchange for non-interest- bearing note requiring semi-annual payments of P50,000.00 for 5 years. Ajeje Co. made the first payment on December 30, 2019. The market interest rate for similar notes at date of issuance was 16%. In its December 31, 2019 statement of comprehensive income, what is the interest income for the year 2022? Information on present value factors is as follows: * PV of Annuity Period PV of Annuity PV of Ordinary PV of Ordinary Due of Pl at 0% Due of P1 at 16% Annuity of Pl at 0% Annuity of P1 at 16% 1.0000 1.0000 0.9259 0.8621 1.9259 1.8621 1.7833 1.6052 AONE 2.7833 2. 6052 2.5771 2.2459 3.5771 3.2459 3.3121 2.7982 4.3121 3.7982 3.9927 3.2743 4.9927 4.2743 4.6229 3.6847 5.6229 4.6847 5.2064 4.0386 6.2064 5.0386 5.7466 4.3436 6.7466 5.3436 6.2469 4.6065 7.2469 5.6065 6.7101 4.8332