Siargao company recently acquired two items of equipment. A. Acquired a press at an invoice price of Php3,000,000 net of 5% cash discount which was taken. Cost of freight and insurance during the shipment were Php50,000 and installation cost amounted to Php200,000 B. Acquired a welding machine at an invoice price of Php2,000,000 subject to a 10% cash discount which was not taken and a 5% rebate which was also not taken. Additional welding supplies were acquired at a cost of Php100,000. What is the total increase in the equipment account as a result of these transactions?

Siargao company recently acquired two items of equipment. A. Acquired a press at an invoice price of Php3,000,000 net of 5% cash discount which was taken. Cost of freight and insurance during the shipment were Php50,000 and installation cost amounted to Php200,000 B. Acquired a welding machine at an invoice price of Php2,000,000 subject to a 10% cash discount which was not taken and a 5% rebate which was also not taken. Additional welding supplies were acquired at a cost of Php100,000. What is the total increase in the equipment account as a result of these transactions?

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Description: Siargao company recently acquired two items of equipment.A. Acquired a press at an invoice price of Php3,000,000 net of 5% cash discount which was taken. Cost of freight and insurance during the shipment were Php50,000 and installation cost amounted

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 5EB: Steele Corp. purchases equipment for $30,000. Regarding the purchase, Steele paid shipping of...

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