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What would be the journal entries to record the amortization

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On July 1, 2020, Manuel Corporation purchased machinery worth P 8,000,000. Terms: P 500,000 down payment, the balance on three equal annual payments every July 1 of each year. The cash price of the machinery is P 6,000,000. A promissory note is issued for the installment balance.

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Problem 1: What would be the journal entry to record the acquisition of machinery?

Problem 2: What would be the journal entries to record the amortization at December 31, 2020?

Reference no: EM132789400

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