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Prepare journal entries

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Question - On January 1, 2020, North Company acquired a machinery with cash price of P750,000 for P1,000,000. The entity paid P200,000 and signed a noninterest bearing promissory note for the balance which is payable in 4 equal installments every December 31 of each year. Prepare journal entries for 2020?

Reference no: EM133150445

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