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solution please For items 1 and 2, please refer to the following information: On March 1, 2021, ABC Company received a P500,000, 12%, one-year note

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solution please

For items 1 and 2, please refer to the following information: On March 1, 2021, ABC Company received a P500,000, 12%, one-year note dated January 1, 2021 from XYZ Incorporated in exchange for a P500,000 past due account. 1. Prepare the entry on March 1, 2021. (5 pts.) 2. Prepare the entry on July 1, 2021. (5 pts.)

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