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What is the total cost of the machinery

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Question - Imus Company acquired two items of machinery as follows:

On January1, 2016, Imus Company acquired used machinery by issuing to the seller a three-year, 12% interest note for P3,000,000.

On December 30, 2016, Imus Company purchased a machine in exchange for a noninterest bearing note requiring three payments of P1,000,000. The first payment was made on December 30, 2016, and the others are due annually on December 30. The prevailing rate of interest for this type of note at date of issuance was 12%. The present value of an ordinary annuity of 1 at 12% is 1.69 for two periods and 2.40 for the three periods. What is the total cost of the machinery?

Reference no: EM132701166

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