The following information pertains to the acquisition of an asset by Torres Company during the year;

	FURNITURE
Invoice price	P 30,000
Date bought	February 1
Trade discount	10%
Terms	20% down, balance 2/10, n/30
Freight paid	P500
Allowance granted	3,000
Date allowance granted	February 3
Partial payment made	P6,000
Date of partial payment	February 5
Date of full payment of account	February 10

Required:

1.1 From the given information, journalize

a. the acquisition

b. the incurrence of expense

c. the granting of allowance

d. the partial payment

e. the full payment of account

1.2 Determine the cost of the asset.