1 Anson Company had the following machinery acquisitions during the year: Acquired a machine with an invoice price of P3,000,000 subject to a cash discount of 10% which was not taken. The entity incurred cost of P50,000 in removing the old machine prior to the installation of the new one. Machine supplies were acquired at a cost of P150,000. During the early part of current year, the entity purchased a machine for P500,000 down and four monthly installments of P1,250,000. The cash price of the machine was P4,700,000 At the beginning of current year, the entity purchased a machine for P2,000,000 in exchange for a noninterest bearing note requiring four payments of P500,000. The first payment was made at the end of current year. The implicit rate of interest for this note at date of issuance was 10%. The present value of an ordinary annuity of 1 at 10% is 3.17 for four periods. The present value of an annuity of 1 in advance at 10% is 3.49 for four periods. At the beginning of current year, the entity acquired a machine by issuing a four-year, noninterest-bearing note for P2,000,000 The entity has an implicit 10% interest for the type of note. The present value of 1 at 10% for 4 years is 0.68. Required: Prepare journal entries to record the machinery acquisitions and related interest. Ighway, Brgy. Parala, Baliwag, Bulacan