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4. In 2016 Red Company acquired the following equipment: . January: Chopper having a selling price of P200,000. A 10% discount was made available which was availed by Red Company; Transportation and insurance cost totaled to P4,5000; October 1: Cutter having a selling price of P350,000. An 8% discount was available which Red Company failed to avail. Import duties were P20,000. Insurance costs for October 2016 to September 207, P12,500. November 1: Paid P50,400 for a grinder, inclusive of the 12% VAT. Safety rails and platform, P5,000. Cooling devices P10,000. December 1: Paid P80,000 plus VAT of P9,600 for a molder. Installation, testing and trail run cost P8,000; Training cost of personnel who will use the machine, P3,000. Question: The amount initially capitalized under property, plant and equipment is? 5. Charming Company purchased several machines in 2016 as follows: January 5: A slicing machine was purchased. A down payment of P250,000 was made and 5 annual installments of 200,000 are to be made beginning January 5, 2017. The cash price of the machine was P1,000,000. March 6: A mixing machine by issuing to the seller a three-year, non-interest bearing note for P800,000. In recent borrowing, Charming Company has paid a 12% interest for this type of note. July 1: Charming Company issues a P900,000, 5-year, non-interest bearing note in exchange for a new equipment when the market rate of interest for obligations of this nature was 10%. Charming Company will pay off the note in five equal installments starting July 1, 2017. December 31: Charming Company issues a P1,750,000, 5-year, non-interest bearing note in exchange for a labeling machine when the prevailing market rate of interest for obligations of this nature was 8%. Charming Company will pay off the note in four equal installments every December 31 starting December 31, 2016. Question: The total cost of the machinery and equipment account is? 6. BPI an oil exploration and production company recently installed an oil rig at a cost of P30,000,000. Legislation requires that oilrigs similar to the one installed by BPI be decommissioned at the end of its useful life. BPI expects that the useful life of the rig will be 20 years and estimated the decommissioning costs to be P4,000,000. Current interest rates are at 8%. Question: The initial cost of the oilrig to be recorded by BPI Company is