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On January 1, 2016, Santayana Company sold a special machine that had a cash price of P900,000. The buyer paid P100,000cash and signed a 4-year
On January 1, 2016, Santayana Company sold a special machine that had a cash price of P900,000. The buyer paid P100,000cash and signed a 4-year note. The note specified that it would be paid off in four equal annual payments of P274,565 each starting on December 31, 2016. The payments include 14% interest. The carrying amount of the receivable on December 31, 2016isa.P525,435b.P637,435c.P701,435d.P725,435 NEED SOLUTION PLS
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Financial Accounting and Reporting
Authors: Barry Elliott, Jamie Elliott
17th edition
978-0273778172, 027377817X, 978-1292080505
