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On Mar 31, 2020, the ABC Corp issued a P 3000,000 12% promissory note for machinery purchased. The equal principal amount of P 1,000,000 plus

On Mar 31, 2020, the ABC Corp issued a P 3000,000 12% promissory note for machinery purchased. The equal principal amount of P 1,000,000 plus interest on the unpaid balance of the principal is payable annually every Mar 31 starting Mar 31, 2021.

What would be the journal entry on Mar 31, 2022?

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