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.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
Problem 23P: Notes Receivable On January 1, 2019, Lisa Company sold machinery with a book value of 118,000 to...
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Problem 8-6 (with solution)
![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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8beeacf9-6657-4a8e-9542-319299add774%2F8071dd44-d66a-4fb9-bc25-bb5cfb6badd9%2Fz1ndvl_processed.jpeg&w=3840&q=75)
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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