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On March 1 2017, Axel Santos reveived a promissory note from De Vera. The note...

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Accounting

On March 1 2017, Axel Santos reveived a promissory note from De Vera. The note is payable in 6 months. Principal amount of the nite is P100,000 with nominal rate of 10% per annum. At the time of issuance, the eff3ctive rate of same instrument is 9%.

Provide the interest income/interest expense Under the following conditions:

1. Santos uses the calendar year method of reporting. 2. Santos uses fiscal year method end of July 31, 2017. 3. De Vera uses fiscal year method end of October 31, 2017. 4. De Vera uses fiscal year method end of April 30,2017.

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