Reference no: EM132842560
Problem 1: How much should be recorded as the purchase price of the individual PPE items:
1. Equipment has an invoice price of P1,000,000, and a credit term of 2/30, n/60. Cash discount was not taken.
2. Paid cash of P200,000 and issued a note for the purchase of a machinery. The note has a face value of P1,000,000 due after three years and an effective interest rate of 7%.
3. Five units of equipment was purchased through the issuance of 1,000 pieces of P1,000 par-value shares. Each equipment has a fair value of P300,000 while a share is valued at P1400.
4. Issued bonds with face value of P5,000,000 and fair value of P5,100,000 to purchase equipment with a fair value of P4,900,000.
5. The old equipment has an original cost of P1,500,000, accumulated depreciation of P600,000, and fair value of P1,000,000. The new equipment obtained through exchange has a fair value of P1,200,000. The balance was settled with cash. The exchange will not affect the future cashflows of the entity.
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