On January 1, 2021, North Company acquired a machinery with cash price of P750,000 for P1,000,000. The entity paid P200,000 and signed a noninterest bearing promissory note for the balance which is...

6. Answer what is required of the problem.

Extracted text: On January 1, 2021, North Company acquired a machinery with cash price of P750,000 for P1,000,000. The entity paid P200,000 and signed a noninterest bearing promissory note for the balance which is payable in 4 equal installments every December 31 of each year. Required: Prepare journal entries for 2021.