For items 9 and 10. An SME sell goods in exchange for a P340,000 note receivable in two years’ time. The cash sale price of the goods is P280,992. The gross profit rate based on cost on the transaction is 30%. Other operating expenses amounted to P50,000. 9. How much is the sale revenue recognized by the SME? a. P340,000 b. P280,992 c. P64,844 d. P334,156 10. How much is the profit or loss of the SME? a. P14,844 b. P(14,844) c. P46,988 d. P42,944

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