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Nicole Ltd owns a property which has a carrying value at the beginning of 2020 of P73,500,000. At the year-end it has entered a contract

Nicole Ltd owns a property which has a carrying value at the beginning of 2020 of P73,500,000. At the year-end it has entered a contract to sell the property for P88 200 000. The tax rate is 30%. How will this be shown in the financial statements?

Show the journal entries for Nicole Ltd

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