Reference no: EM132776782
Accountable events must meet three criteria for recognition. The following selected business documents of Perfidia Corporation are presented to you by its management in 2020 for your analysis:
(1) An advertising bill for December 2020 P 60,000 remains unpaid as of year-end.
(2) A 60-day promissory note for P 250,000 issued on December 15 for the purchase of an equipment.
(3) A purchase order for P 50,000 worth of manufacturing supplies.
(4) A purchase commitment costing P 2,000,000 entered into by Perfidia Corporation for delivery of merchandise on April 21, 2021. Advance payment of 50% was made by Perfidia Corporation
(5) A contract of employment signed by Perfidia Corporation and a newly hired Marketing manager on December 29, 2020, stating an agreed salary of P1,000,000 starting January 1, 2021.
(6) An official receipt amounting to P500,000 issued to a lessee for an advance rental payment on a one-year contract of lease for the succeeding year 2021
Problem 1: What should be the total monetary amount that should be recognized in the books of Perfidia Corporation as accountable events?
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