A company purchased land by signing a note with the seller, requiring down payment of P100,000, payment of P120,000 one year from purchase, and P80,000 three years from purchase. The note is non-interest bearing, but the going rate of similar notes is 10%. Present value of 1 at 10% for 1 period is 0.91. Present value of 1 at 10% for 3 periods is 0.75.

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A: The allowance for doubtful accounts is created to record estimated bad debt expense for the period. 

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