Problem 8-6 (ACP) machinery On January 1, 2021, North Company acquired a with cash price of P750,000 for P1,000,000. The entity paid P200,000 and signed a noninterest bearing promissory note for the balance which is payable in 4 egual installments every December 31 of each year. Required: Prepare journal entries for 2021.
Problem 8-6 (ACP) machinery On January 1, 2021, North Company acquired a with cash price of P750,000 for P1,000,000. The entity paid P200,000 and signed a noninterest bearing promissory note for the balance which is payable in 4 egual installments every December 31 of each year. Required: Prepare journal entries for 2021.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem 8-6 (with solution)
Transcribed Image Text:Problem 8-6 (ACP)
On January 1, 2021, North Company acquired a machiner
with cash price of P750,000 for P1,000,000.
The entity paid P200,000 and signed a noninterest bearine
promissory note for the balance which is payable in 4 eaual
installments every December 31 of each year.
Required:
Prepare journal entries for 2021.
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