On June 7, 2021, James Corporation sold a tract of land for P70,000 that resulted in a P30,000 gain on the sale. James agreed to accept one payment of P35,000 on August 15 and the second payment of P35,000 on December 15. James had a calendar year-end. What amount of gain was reported during the second, third, and fourth quarters of the year from this sale?
On June 7, 2021, James Corporation sold a tract of land for P70,000 that resulted in a P30,000 gain on the sale. James agreed to accept one payment of P35,000 on August 15 and the second payment of P35,000 on December 15. James had a calendar year-end. What amount of gain was reported during the second, third, and fourth quarters of the year from this sale?
Chapter16: Accounting Periods And Methods
Section: Chapter Questions
Problem 15DQ
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On June 7, 2021, James Corporation sold a tract of land for P70,000 that resulted in a P30,000 gain on the sale. James agreed to accept one payment of P35,000 on August 15 and the second payment of P35,000 on December 15. James had a calendar year-end. What amount of gain was reported during the second, third, and fourth quarters of the year from this sale?
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