*Write the journal entry for the initial recognition and measurement of the notes receivable. Assume that the building has a cost of 12,000,000 and an accumulated depreciation of 10,000,000, Problem 6-14 (AICPA Adapted) On January 1, 2020, Mill Company sold a building and received as consideration P1,000,000 cash and a P4,000,000 noninterest bearing note due on January 1, 2023. There was no established exchange price for the building and the note had no ready market. The prevailing rate of interest for a note of this type on January 1, 2020 was 10%. The present value of 1 at 10% for three periods is 0.75