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On December 1, 2019, ABC Corporation issued a P2,000,000 10% promissory note for land acquisition. The equal principal amount of P500,000 plus interest on the

On December 1, 2019, ABC Corporation issued a P2,000,000 10% promissory note for land acquisition. The equal principal amount of P500,000 plus interest on the principal's unpaid balance is payable annually every December 1 starting December 1, 2020. What would be the journal entry on December 1, 2019 a. Debit: Land, Credit: Cash b. Debit: Land, Credit: Notes Payable c. Debit: Land, Credit: Interest Payable d. Debit: Land, Credit: Accounts Payable

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