Reference no: EM132960953
On April 1, 2021, Versace purchased a machine from a supplier which trade discount of 5% was given. An additional 2% cash discount if the account is paid in 30 days. The invoice for machinery purchased was paid on April 30, 2021 which is also the date when the machinery was fully installed and ready for intended use.
The machinery will be used for 5 years. Information related to this acquisition were as follows:
Invoice price of the machine acquired P8,000,000
Freight, unloading, and delivery charges for machinery acquired 240,000
Custom duties and other charges for machinery acquired 360,000
Allowances and hotel accommodation paid to foreign technicians during installation and test run of machine 550,000
Estimated dismantling cost to be incurred at the end of useful life (10% discount rate) 149,020
Cost of training for personnel who will use the machine 150,000
Problem 1: How much is the cost of the machine?
a. P8,532,530
b. P9,082,530
c. P8,690,530
d. P9,139,020
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