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How much is the machinery account overstated

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Reference no: EM132838304

You have been assigned to audit the MACHINERY account of X Printing Corporation for the year ended December 31, 2020. In the course of your examination, you found out that your client acquired on July 1, 2020 three printing machines for a list price of ?280,000 with a 10% trade discount, term 2/10, n/60. The liability was fully paid on September 1, 2020. In addition, freight charges of ?1,040 and cost of installation of P5,000 were paid. The client recorded the transactions under machinery account for ?280,440.

Problem 1: How much is the Machinery account overstated?

A. ? 22,400 overstated

B. ? 32,440 overstated

C. ? 27,440 overstated

D. The asset is correctly recorded by client

Reference no: EM132838304

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