On January 1, 2021, Josh Co. sold a machine to Groban Co. In lieu of cash payment, Groban gave Josh a 4-year, P100,000, 12% note. The note required interest to be paid annually on December 31. The machine has a cost of P500,000 and accumulated depreciation as of January 1, 2021 of P350,000. The market rate of interest for this type of note is 12%.

Compute for the following as of December 31, 2020:

1. Gain(loss) on sale of machinery

2. Interest income

3. Current portion of the note receivable

4. Noncurrent portion of the note receivable