n December 31, 2020, Company sold a machine in the ordinary course of business to Space-X Company in exchange for a non-interest bearing note requiring ten annual payments of P1,000,000. Space-X made the first payment on December 31, 2020 (advance payment). The market interest rate for similar notes at date of issuance was 8%. The present value of an ordinary annuity of 1 at 8% for 9 periods is 6.25, while the present value of an ordinary annuity of 1 at 8% for 10 periods is 6.71. What is the amount of sales revenue?

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Q: RED Corporation

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