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4. Zaphyr Company is provided a grant by a foreign government for the purpose of acquiring land for a building site. The grant is a

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4. Zaphyr Company is provided a grant by a foreign government for the purpose of acquiring land for a building site. The grant is a zero-interest loan for 5 years evidenced by a promissory note. The loan was granted on January 1, 2019 for P8,000,000. The market rate of interest is 6%. The present value of 1 for five periods at 6% is 7473 Required Prepare journal entries for 2019 (5 pts)

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