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Compute the correct value of Machine purchased on July

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Question - A machine with a market price of Php7,000,000 was purchased on 2/10, net 60, on July 10, 2020. It was fully paid on July 15, 2020. In addition , freight charges of Php75,000 and installation cost of Php306,000 were incurred. The old machine replaced was sold at a loss of Php100,000. The company's accountant recorded the asset at a cost of P6,483,100.

Required -

a. Compute the correct value of Machine purchased on July 10, 2020.

b. Compute the shortage or overage in Value of New machine, if any.

Reference no: EM132934985

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