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EXERCISE: On October 1, 2020, an entity issued a P5,000,000. 8-month, noninterest-bearing note. The note payable was discounted by the bank at 1196 (1) Prepare
EXERCISE: On October 1, 2020, an entity issued a P5,000,000. 8-month, noninterest-bearing note. The note payable was discounted by the bank at 1196 (1) Prepare journal entries from date of issuance until maturity. (2) Determine presentation of note payable in the statement of Financial position as of December 31, 2020. (3) Determine effect to net income due to transactions relating to the note payable
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