Reference no: EM132642888
Question - Luster Company acquired the following plant assets during the current year.
Equipment - Acquired at an invoice price of P600,000, subject to a 5% cash discount which was not taken.
Land - Acquired by issuing a P1,000,000 bonds payable when the market price of the bond was P1,200,000. The fair value of the land is P1, 100,000,
Machinery - Acquired at a cost of P275,000. Installation cost was P7,000, trial run and other testing cost P18,000, and construction of base, P 10,000.
Required -
1. What is the cost of equipment at initial measurement?
2. What is the cost of land at initial measurement?
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