Reference no: EM132712668
Reverend Company acquired a new processing machine at the beginning of current year.
Invoice cost - terms 5/10, n/30, P 1,600,000
Cost of transportation, P 50,000
Cost of installation, P 50,000
Payment for strengthening the floor to support the weight of the new machine, P 150,000
The chief engineer spent two-thirds of his time during trial run of the new machine. The monthly salary is P 60,000.
During the year, the entity was granted a cash allowance of P 100,000 by the supplier because the machine proved to be of less than standard performance capability.
The operator of the old machine who was laid off due to the acquisition of the new machine was paid a gratuity of P 30,000
Problem 1: What amount should be the capitalized cost of the new machine?
a. P1,560,000
b. P1,640,000
c. P1,710,000
d. P1,590,000
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