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How much is the gross profit realized for grant sales corp

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Problem 1: Grant Sales Corporation sold a truck for P1, 500, 000, which it bought for P750, 000. The P1, 500, 000 was composed of P500, 000. In notes and equipment whose trade-in value was set at P1, 000, 000. However, the equipment Grant accepted as trade-in only had an actual value of P750, 000. How much is the gross profit realized If P100,000 was collected from the note?

Reference no: EM132775544

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