On January 1, 2020 Jane Company sold equipment with a carrying amount of P4,800,000 in exchange for a P6,000,000 noninterest-bearing note due January 1, 2023. There was no established exchange price for the equipment. The prevailing rate of interest for a note of this type is 10%. Present value factor of 1 at 10% for three periods is0.75and PV factor of an ordinary annuity at 10% for three periods is2.49

Answer the following:

Interest income in 2020?

Gain or loss on sale of equipment?