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What is the initial cost of the machine on july

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Question - A new machine was acquired on July 31, 2022 by Harian Company with the following considerations:

Down-payment 1,000,000

Total par value of 5,000 ordinary shares issued (FV is P140) 600,000

Notes payable in three equal annual installment every July 31, starting 2023 (3 years non-interest bearing; effective rate on this date 9%) 900,000

Estimated dismantling after five (5) year life of the machine (at 9% effective rate) 100,000

Required - What is the initial cost of the machine on July 31, 2022?

Reference no: EM133183291

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