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What amount of gain was reported during the second

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On May 7, 2021, Eli Corporation sold a tract of land for P70,000 that resulted in a P30,000 gain on the sale. Eli agreed to accept one payment of P35,000 on August 15 and the second payment of P35,000 on December 15. Eli had a calendar year-end.

Problem 1: What amount of gain was reported during the second, third, and fourth quarters of the year from this sale?

Reference no: EM132813319

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