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An entity purchases plant from a foreign supplier for 3,000,000 yen on January 2, 2020, when the exchange rate was 2 Yen = P1. At the entity's year end, December 31, 2020, the amount has not been paid. The rate was Yen 1.50= P1. The entity's functional currency is the peso.
Problem 1: What is the amount of trade payable (liability) that should be reflected in the statement of financial position?
Group of answer choices
a. P3,000,000
b. P1,500,000
c. P2,000,000
d. P2,500,000
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