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What is the amount of trade payable or liability

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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

Reference no: EM132769346

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