Problem 2.

Problem 2 Frame Company has an 8% note receivable dated June 30, 2018, in the original amount of P1,500,000. Payment of P500,000 in principal plus accrued interest are due annually on July 1, 2019, 2020 and 2021. 1. What is the balance of note receivable on July 1, 2019? 2. In the June 30,2020 statement of nancial position, what amount should be reported as a current asset for interest on the note receivable