Reference no: EM132807705
Problem 1: Doc, a public limited company, has purchased inventory of P100,000. The company has offered the supplier a choice of settlement alternatives. The alternatives are either receiving 1,000 shares of Doc six months after the purchase date (valued at P110,000 at the date of purchase) or receiving a cash payment equal to the fair value of 800 shares as of December 31, 20X4 (estimated value P90,000 at the date of purchase). What should be the accounting entry at the date of purchase of the inventory?
a. Inventory P90,000, liability P90,000.
b. Inventory P100,000, liability P100,000.
c. Inventory P100,000, liability P110,000, intangible asset P10,000.
d. Inventory P100,000, liability P90,000, equity P10,000.
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