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Record this transaction

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Question - On 1 January 2020, Duran Company sold land to NineInch for $2,500,000. They agreed that the payment would be 200,000 each year over the next ten years and an upfront payment of 500,000. The cost of the land for Duran Company is $1,500,000. Record this transaction during 2020, 2021, 2022, and 2023.

Reference no: EM132927668

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