ABC company acquired machinery from a vendor in Hong Kong for credit. The terms of the credit were 10% trade discount and another 10% cash discount if paid within 15 days. The credit is due within 45 days. The invoice price of the machine was P400,000. The company paid freight of P60,000, installation P15,000 and testing and inspection of the machine by an engineer of P10,000. The company paid on the 30th What is the carrying amount of machinery prior to depreciation? P445,000 P405.000 P409.000 P485.000