Reference no: EM132719991
Problem 1 - ECQ Corp. purchased a plant, including land, building, and machinery for P1,100,000. These items were carried on the books of the seller as follows: Land, P300,000; building, P600,000; and machinery, P300,000. Immediately after the purchase, the assets were appraised at the following values: land, P300,000; building, P450,000; and machinery, P750,000. What cost should ECQ record for land, building and machinery?
Problem 2 - On June 30, 2020 MECQ, Inc. imported a machinery from China for a total cost of P250,000, to install in its new factory premises before year-end. However due to circumstances beyond its control, the machinery was delayed by a few months but reached the factory premises before year-end on December 30, 2020. While this was happening, the entity learned from the bank that it was being charged interest on the loan it had taken to fund the purchase totaling P30,000. MECQ paid custom duties and freight of P45,000. How much will be reported as cost of machinery in the statement of financial position as at December 31, 2020?
Problem 3 - A machine was purchased at an invoice price of P300,000, subject to a 2 percent cash discount if paid within 10 days. Installation of the machine cost P5,000. Costs incurred in testing the machine were P800 for the operator's time and P1,500 for materials. The discount was lost because of late payment of the invoice. Sales tax on invoice price, 4 percent, and depreciation during the testing period, P2,000. How much is the amount to be recorded as cost of the machine?
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