On August 1, 2019, Copper Company finished consultation services and accepted in exchange a non-interest bearing promissory note with a face value of P300,000 with a due date of August 1, 2023. The fair value of the services is not readily determinable and the note is not readily marketable. Under the circumstances, the note is considered to have an appropriate imputed rate of interest of 15%.

Required: Prepare all the necessary journal entries for 2019 & 2020.