Problem 8-6 (ACP) On January 1, 2021, North Company acquired a machiner with cash price of P750,000 for P1,000,000. The entity paid P200,000 and signed a noninterest bearine promissory note for the...

Problem 8-6 (with solution)

Extracted text: Problem 8-6 (ACP) On January 1, 2021, North Company acquired a machiner with cash price of P750,000 for P1,000,000. The entity paid P200,000 and signed a noninterest bearine promissory note for the balance which is payable in 4 eaual installments every December 31 of each year. Required: Prepare journal entries for 2021.