1. On January 1, 2014, PC purchased a used cement truck from EC. The carrying value of the truck on EC's books was P12,500. PC paid cash of P2,000 and gave a 2-year note that required semi-annual payments of P4,000 each payable at the end of each semi-annual period (the market rate of interest was 12 percent). A similar truck reportedly was sold recently for P14,000. PC Company should record the cost of the truck as:

2. A machine was purchased at an invoice price of P300,000, subject to a 2 percent cash discount if paid within 10 days. Installation of the machine cost P5,000. Costs incurred in testing the machine were P800 for the operator's time and P1,500 for materials. The discount was lost because of late payment of the invoice. Sales tax on invoice price, 4 percent, and depreciation during the testing period, P2,000. The cost that should be recorded for the machine is:

3. On January 1, 2009, Santa Corporation acquired a machine at a cost of P41,000. The machine's service life was estimated to be ten years and its residual value to be P1,000. The straight line method was used for depreciation. On January 1, 2015, the machine's remaining service life was estimated at five years and its residual value at P1,500. For 2015, in regard to this machine, Santa should record depreciation of:

4. On January 1, 2014 MB purchased a machine that had a list price of P46,320. MB paid cash of P18,000 and executed a one-year noninterest-bearing note for the balance. The going rate of interest was 18 percent. The machine has a 6-year life and no residual value. Depreciation expense on the SYD basis at the end of 2014 is:

5.ET owns a tract of land which it purchased in 2011 for P100,000. The land is held as a future plant site and has a fair market value of P140,000 on July 1, 2014. RS also owns a tract of land held as a future plant site. RS paid P180,000 for the land in 2013 and the land has a fair market value of P200,000 on July 1, 2014. On this date, ET exchanged its land and paid P50,000 cash for the land owned by RS. At what amount should ET record the land acquired in the exchange?