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Question - CPA Company entered into the following transactions in connection with its business operations as dealer of auto supplies and related services:
i. Sold second hand spare tires to Doubtful Liner (DL) in exchange for promissory note with face value of P120,000, payable after 2 years. The note bear interest of 6%, payable annually, when the prevailing rate of interest at the time of sale was 12%.
ii. Rendered significant volume of auto repair services to Dispair Trading in exchange with another promissory note with face value of P210,000. The notes issued by DT is non-interest bearing, payable in 3 years and the services rendered has cash equivalent price of P175,000.
Required - How much revenue should be recognized by CPA Company on the year of sale?
The statement of cash flows for the year ended December 31, 2014, and other data for Bradley Corporation are shown below:
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