1. On January 2, 2018, an entity places and order for a machine from a company in Singapore. The machine is delivered on January 31, 2018 and the invoice price is P450,000 with a cash discount of 1% if paid within 30 days. Import duties and taxes amount to P22,500. The following costs were also incurred: Delivery and transport cost from Singapore port to the entity's factory, P3,750, ; Installation and commissioning cost, P17,250; Administrative costs incurred in processing and inspection, P7,500; Start-up and pre-production costs, P15,000 and exchange translation loss of payable, P3,000. At what amount should the machine be initially recorded?
2.
An entity reported the following current assets on December 31, 2020: Cash in bank, net of bank overdraft P800,000 4,000,000 Accounts receivable 7,000,000 Notes Receivable 2,500,000 Note receivable discounted ( 400,000) Inventory 4,500,000 Financial asset - FVPL 1,000,000 Financial asset - FVOCI 1,500,000 Prepaid expenses 200,000 Deferred tax asset 2,500,000 Equipmentclassified as "held for sale" 2,000,000 Total 24.800,000 Customer accounts, net of customers' accounts with credit balances P700,000 5,000,000 Allowance for doubtful accounts ( 500,000) Sale price of unsold goods out on consignmentas 125% of cost and Excluded from ending inventory 2,500,000 Net accounts receivable Z,000.000 What amount should be reported as total current assets on December 31, 2020?A company incurred the following expenditures related to the construction of a new home office: Purchase price of land and an old apartment building Fair value of land Legal fees, including fee for title search Payment of delinquent property taxes Cost of razing the apartment building Grading and drainage on land site Architect fee on new building Payment to building contractor Interest cost on specific borrowing during construction Payment of medical bills of employees accidentally injured while inspecting building construction Cost of paying driveway and parking lot Cost of trees, shrubs and other landscaping Cost of installing light in parking lot Premium for insurance on building during construction Cost of open house party to celebrate opening of building ||l|!l||||||||| What is the cost of building? Included in the corporation's liability account balances at December 31, 2018, were the following: 2% note payable issued lDctober 1, 2018, maturing September 30, 2019 $500,000 8% note payable issued April 1, 2013, payable in six equal annual 1,200,000 installments of $150,000 beginning April 1, 2013 The entity's December 31, 2012 financial statements were issued on March 31, 2019. [in January 15, 2019, the entire $1,200,000 balance of the 8% note was refinanced by issuance of a longterm obligation payable in a lump sum. In addition, on March 10, 2019, the entity consummated a noncancelable agreement with the lender to refinance the 2%, $500,000 note on a long-term basis, on readily determinable terms, that haye not yet been implemented. On December 31, 2013 balance sheet, the amount of the notes payable that the entity should classify as short-term obligation is Taguig Company provided the following information pertaining to issuance of bonds payable on January 1 of the current year: Face amount 1,200,000 Term Ten years Stated interest rate 5% Yield 9% Interest payable annually every year-end December 31 At 5% At 9% Present value of one for ten periods 0.558 0.422 Future value of one for ten periods 1.791 2.367 Present value of ordinary annuity of one for ten periods 7.360 6.418 What is the issue price for each P900 bond?CPA Company received an offer from an exporter for 10,000 units of product at $1 7 per unit. The acceptance of the offer will not affect normal production or domestic sales prices. The following data are available: Domestic unit sales price $20 Unit manufacturing costs: Variable 13 Fixed 2 What is_the amount of gain or loss from acceptance of the offer
