Manila Company purchased equipment on January 1, 2012 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, 2012.  The same equipment was available at a cash price of P580, 000. Required: How much is the cost of equipment____________________

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
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Chapter11: Long-term Assets
Section: Chapter Questions
Problem 5EA: Steele Corp. purchases equipment for $25,000. Regarding the purchase, Steele recorded the following...
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Manila Company purchased equipment on January 1, 2012 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, 2012.
 The same equipment was available at a cash price of P580, 000.
Required: How much is the cost of equipment____________________

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