Reprieve Company acquired a machinery for P500,000. The credit terms were 2/10, n/30. Required: 1. Prepare two journal entries, one for the acquisition and the other for the subsequent payment using gross method assuming: a. Payment was made within the discount period b. Payment was made beyond the discount period. 2. Compute for the amount to be capitalized (initial measurement) of the machinery under the following independent assumption: a. Payment was made within the discount period b. Payment was made beyond the discount period. PROBLEM C: 6 PTS Credulous Company purchased equipment on January 1 2020 under the following terms: a. P200.000 downpayment b. Five annual payments of P100,000, the first installment note to be paid on December 31, 2020. The same equipment was available at a cash price of P580,000. Required: 1. Determine the amount that will be capitalized as the cost of the equipment. 2. Prepare the journal entry for the acquisition of the equipment