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ABC Co. sold merchandise to DEF Co. for P120,000 and received P120,000 for that sale one month later. One week prior to receiving payment from

ABC Co. sold merchandise to DEF Co. for P120,000 and received P120,000 for that sale one month later. One week prior to receiving payment from DEF, ABC made a P20,000 payment to DEF for advertising services that have a fair value of P15,000. After accounting for any necessary adjustments, how much revenue should ABC record for the merchandise sold to DEF?

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