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Question - On January 1, 2020, Precious Company sold an equipment costing P600,000 which had a carrying amount of P450,000, receiving a P150,000 down payment and, as additional consideration, a P400,000 noninterest bearing note due on January 1, 2023. There was no established exchange price for the equipment and the note had no ready market.
The prevailing rate of interest for a note of this type at January 1, 2020 was 12%. The present value of 1 at 12% for three periods is .7118.
Required - Prepare journal entries for 2020, 2021, 2022, and 2023.
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