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Compute the amount that shall be shown

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Question - Described below are certain transactions of ABC Company for 2021:

1. On May 10, the company purchased goods from Jay Company for P90,000, terms 4/10, n/60. Purchases and accounts payable are recorded at net amounts. The invoice is payable .

2. On June 1, the company purchased equipment for P120,000 from Nolan Company, paying P20,000 in cash and giving a one-year, 9% note for the balance. Interest is payable every first day of the following month.

On June 30, 2021, compute the amount that shall be shown under the current portion of liability?

Reference no: EM133122738

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