On January 1, 2021, West Company acquired a tract of lana for P1,000,000. The entity paid P100,000 down and signed a two-year promissory note for the balance plus 10% interest compounded annually. The note matures on January 1, 2023 Required: Prepare journal entries to record: 1. Purchase of land on January 1, 2021 2. Accrued interest on December 31, 2021 3. Accrued interest on December 31, 2022 1. Full payment of the note on January 1, 2023

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