Bianca Company acquired equipment items during the past month, details of which are as follows:

Equipment 1 was purchased with an invoice price of P980,000 with a cash discount of 10%. The discount was taken. Freight charges amounted to P25,000. Bianca requested installation of the equipment, charging the entity P75,000.

Equipment 2 was purchased with an invoice price of P1,500,000 with a cash discount available at 5%. The discount was not taken. Accordingly, supplies to be used for Equipment 2 was also purchased amounting to P67,000.

Please explain the steps in the solution and also the meaning of "Discount Taken or Not Taken"