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Prepare the journal entries

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ABC Company sold to XYZ Company a tract of land costing P5,000,000 for P7,000,000 on January 1, 2011. XYZ Company paid P1,000,000 downpayment and signed a 2-year promissory note bearing an interest of 12% per annum for the remainder of the purchase price.

a. Prepare the journal entries from 01/01/2011 to 12/31/2012

Reference no: EM133253955

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