On December 1, 2016, Masipag sold land in exchange for a P180,000 non-interest, 1-year promissory note. The 10% interest rate was going market rate for similar notes. Masipag had paid P66,000 to acquire the land in 2012. The accountant made the following entry relative on this transaction:
Dr Notes receivable 180,000
Cr Land 66,000

Cr Other income — gain 114,00
What is the correct entry?

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