Reference no: EM132998629

Question - A building is acquired by issuing bonds payable with face amount of P5,000,000. At the time of acquisition, the fair value of the building is P6,000,000 and the quoted price of the bonds is P5,800,000. At what amount will the building be recorded?

A piece of furniture with cost of P600,000 and accumulated depreciation of P120,000 is exchanged for another equipment and cash of P20,000. The equipment has a fair value of P550,000. At the time of exchange, the furniture has a fair value of P530,000. What amount will be recorded for equipment if exchange is with commercial substance?

PPAP Co. purchased an office table for P36,000, 1/10, n/30. At what amount will the furniture and fixture be recorded?

Iniwan Company acquired a machine with an invoice price of P3,000,000 subject to a cash discount of 10% which was not taken. Compute the amount to be recorded for the machine.

A machinery is purchased at an installment price of P450,000. The terms are P50,000 down and the balance payable in four equal annual installments. The cash price of the machinery is P300,000. A promissory note is issued for the installment balance. At what amount will the machinery be recorded?