Reference no: EM132834073
On January 1, 2014, NFL purchased equipment to be used for mixing its products at a cash price of P500,000. In addition to the cash payment, the entity incurred the following cost:
freight cost - P20,000;
assembly cost - P30,000;
cost of trial runs - P50,000;
removal cost of old equipment- P60,000;
nonrefundable import duties - P40,000;
creditable value added tax - P60,000;
insurance of the equipment for the year 2014 - P10,000.
Problem 1: What is the total cost of equipment to be capitalized by NFL on January 1, 2014?
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What is the total cost of equipment to be capitalized by nfl
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