Obtained a $12\%$ general purpose loan from the bank amounting to $P1,500,000$ payable within one year. The bank discounted the note.

Investing Activities

$3.$ Acquired commercial lot and building at a lump sum price of $P5,000,000.$ The prevailing fair market values of the land and building of the same nature are $P1,875,000$ and $P5,625,0000,$ respectively.

$4.$ Purchased equipment, $P2,500,000,40\%$ down and balance issued with a promissory note.

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