each of the following cases below: Problem I. One of the most critical steps in recording the acquisition of assets is the determination of the cost assigned to the asset. For each case below, you are required to record each case with supporting computations, if any. (1) Machine A was purchased at an invoice price of P92,000; terms 20 and 10, 1/10, net 30. The machine invoice was paid after the discount period. (2) Machine B could be purchased for five annual payments of P6,332 or P29,400 in cash. Mentor elected to purchase Machine B under the installment plan. Other related acquisition costs totaled P175. (3) On May 12, 2021, Alabama Company offered to sell land to Mentor for P62,000; the offer was rejected. On June 29, 2,125 shares of Mentor ordinary stock were issued in exchange for the land. The par value of the stock was P20 per share; the market value of the stock was P32 per share at the time of purchase. (4) The Oscar Corporation acquired land, buildings, and equipment from a bankrupt company at a lump-sum price of P180,000. At the time of acquisition, Oscar paid P12,000 to have the assets appraised. The appraisal disclosed the following values: Land Buildings. Equipment P120,000 80,000 40,000 (5) Company M and Company N exchanged productive assets as follows: Equipment Accumulated Depreciation Fair value Cash paid by M to N Company M 5,000,000 3,000,000 1,800,000 Company N 6,000,000 3,600,000 2,800,000 600,000 600,000 Record the transaction the book of Company M and Company N (6) The company purchased equipment under a deferred payment contract-- P40,000 down payment and 30 semiannual payments of P5,000. (Assume a 12 percent interest rate.) Round off PV factors up to two decimal places. (7) On December 1, 2021, Fiene Company acquired a new delivery truck in exchange for an old delivery truck that it had acquired in 2017. The old truck was purchased for P35,000 and had a book value of P13,300. On the date of the exchange, the old truck had a market value of P14,000. In addition, Fiene paid P45,500 cash for the new truck, which had a list price of P63,000. The exchange lacked commercial substance