On December 31, 2020 CNS Co. reported Accounts Receivable of P4,300,000. CNS Co. uses the aging method in determining bad debts. The company's Allowance for Doubtful Accounts has a beginning balance of P230,000. The following table shows the corresponding bad debt percentage of Nickolai Company's accounts receivable: Age AR Balance % Uncollectible 45 days or less 45% 5% 46 - 90 days 30% 10% Over 90 days 25% 15% How much is the required allowance for doubtful accounts at December 31, 2020? P617,000 O P157.000 O P230,000 O P387,000 Question 60 On January 1, 2020, FJ Co. sold machinery with historical cost of P6,000,000 and accumulated depreciation of P2,500,000 in exchange for a 3-year, 6%, P3,000,000 note receivable. Principal is due January 1, 2023 but interests are due semi-annually every December 31. The prevailing effective interest rate for this type of note is 10%. How much is the interest income in 2022? O P180,000 O P271,784 O P291,565 O P281,192