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For items 41 and 42 The property, plant and equipment of Fair Company on December 31, 2020 include the following details: Acquired the plant assets
For items 41 and 42 The property, plant and equipment of Fair Company on December 31, 2020 include the following details: Acquired the plant assets of Just Company Repairs made to building Special tax assessment Construction of platform for machinery Remodeling of office space in building Including new partitions and walls 9,000,000 225,000 33,000 80,000 450,000 900,000 The fair value of the assets acquired from Just Company are: Land Building Machinery 3,510,000 5,850,000 2,340,000 Purchase of machinery at invoice price In exchange for property of Just Company, Fair paid P9,000,000 cash. On the machinery acquisition, the entity paid cash and is entitled to a 5% cash discount. Freight of P30,000 was likewise paid and charged to an expense account. Installation cost of P45,000 was paid and also charged to expense. 42. Compute the cost of machinery on December 31, 2020
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