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Prepare journal entries

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Question - Oasis Company acquired three items of machinery:

a) On January 1, 2019, the entity purchased a machine for P500,000 down and four monthly installments of P1,250,000. The cash price of the machine was P4,700,000.

b) On December 31, 2019, the entity purchased a machine in exchange for a noninterest bearing note requiring ten payments of P500,000. The first payment was made on December 31, 2020, and the others are due annually on December 31.

The prevailing rate of interest for this type of note at date of issuance was 12%. The present value of an ordinary annuity of 1 at 12% is 5.33 for nine periods and 5.65 for ten periods.

c) On December 31, 2019, the entity acquired used machinery by issuing the seller a two-year, noninterest-bearing note for P3,000,000. In recent borrowing, the entity has paid a 12% interest for this type of note. The present value of 1 at 12% for 2 years is .80 and the present value of an ordinary annuity of 1 at 12% for 2 years is 1.69.

Required - Prepare journal entries for 2019, 2020 and 2021.

Reference no: EM133039267

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