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Give journal entry and adjusting entry

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Question - Engr Polo borrowed cash from DBI Bank P1,000,000 payable in 5 years by issuing a 12% note. Engr. used the proceeds of the loan to buy a Land with building worth P2,000,000. 75% of the cost of the land and building is for the building. The unpaid balance of the land and building is on account from Engr Polo's friend who is owner of the land and building. Give journal entry and adjusting entry.

Reference no: EM132716167

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