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What is the over-allowance granted by bullock on the trade

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Problem 1: BULLOCK Inc. sells automatic weapons costing P 700,000 at a price of P 1,200,000. CARUSO Corp. buys a dozen of automatic weapons on installment and trade-in six of its old weapons at a trade-in value of P 300,000 each. BULLOCK spends P 25,000 to recondition the old guns and sells them for P 315,000. BULLOCK expects a 10 percent gross profit from the sale of used guns. What is the over-allowance granted by BULLOCK on the trade-in transaction?

Reference no: EM132680912

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