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Give the entry to record the derecognition of note payable

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Reference no: EM132998218

An entity issues 1,000 shares with par value per share of P200 in full settlement of an outstanding note payable with carrying amount of P380,000. The shares are currently selling at P280 per share.

Requirement:

Problem 1: Give the entry to record the derecognition of the note payable.

Reference no: EM132998218

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