Reference no: EM132829538
Tracey Company purchased a new machinery on January 2, 2021 and incurred the following:
Invoice price of machinery P1,500,000;
Cash discount taken on the machinery, P75,000;
Freight on the new machine, P25,000;
Actual cost of removing an old machinery P2,500 but the existing provision is P3,000; Installation cost of new machine, P25,000.
Problem 1: Operating cost during first month of regular use, P150,000. What is the cost of the new machinery?
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