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Default If or conditional formatting?

Hi Folks

Can some one please help me on a formula? I've been messing with it but
can't quite get there.

I have two coloumns with dates or blanks and I need a formula to bring back
the status of the data

A B Status
date Blank 1p payable
date date 1p paid
Blank Blank 1o outstanding

I have tried an if statement but can't get it to bring back the status of
the blank cells, can anyone help please?
 
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