Question: PROBLEM 1 On January 1, 2021, an entity has an outstanding note payable with carrying amount of P1,000,000. On this date, the debtor agrees to

PROBLEM 1 On January 1, 2021, an entity has an outstanding note payable with carrying amount of P1,000,000. On this date, the debtor agrees to receive equipment with historical cost of P1,800,000, acc...

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