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1 - 2. On January 1, 2021, Cactus Company sold land with carrying amount of P1,500,000 in exchange for a 9- month, 10% note with

1 - 2. On January 1, 2021, Cactus Company sold land with carrying amount of P1,500,000 in exchange for a 9- month, 10% note with face value of P2,000,000. The 10% rate properly reflects the time value...

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