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On March 1, 2016, the GABRIEL Company sold machine for P 155,000. The machine costs P 100,000. The customer is allowed a trade-in allowance of P 50,000 for an old machine. A down payment of P 45,000 was made and the balance is to be paid in 2 12 monthly installments of P 5,000 each payable at the end of each month beginning March 31. The old machine is estimated to have a resale value of P 70,000 after incurring a reconditioning cost of P 7,500. The seller expects a 20% profit from the sale of used machine; commission is 5%.
Problem 1. What is the fair market value of the machine received?
Problem 2. What is the gross profit rate?
Problem 3. What is the correct adjusted entry to record the installment sales?
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