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Prepare all the necessary journal entries

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Question - On April 1, 2019, Silver Company sold goods to Turquoise Company for P1,560,000. Silver Company received as payment a non-interest bearing note requiring payments of P260,000 annually for 6 years. The first payment was made on April 1, 2020. The prevailing rate of interest for a note of this type at the time of issuance was 9.5%.

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

Reference no: EM132545313

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