What is the amount to be shown as interest expense, Auditing

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What is the amount to be shown as interest expense

Problem

On November 1, 2009, the K Co. issued a 10% promissory note with a face value of P20,000,000 for a piece of land. The principal and interest compounded annually are due on October 31, 2012.

What is the amount to be shown as non-current liability as of December 31, 2021? What is the amount to be shown as interest expense for the year ended December 31, 2022? Show your solution.

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Auditing: What is the amount to be shown as interest expense

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