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NOTES RECEIVABLE 7. On December 1, 2016, Masinag sold land in exchange for a P180,000 non-interest, 1-year promissory note. The 10% interest rate was going

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NOTES RECEIVABLE 7. On December 1, 2016, Masinag sold land in exchange for a P180,000 non-interest, 1-year promissory note. The 10% interest rate was going market rate for similar notes. Masinag had paid P66,000 to acquire the land in 2012. The accountant made the following entry relative on this transaction: Notes receivable 180,000 Land 66,000 Other income - gain 114,000

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