Corner Company puchased a van with a list price of P3,000,000. The dealer granted a 15% reduction in list price and an additional 10% cash discount on the net price if payment is made in 30 days. Irrecoverable taxes amounted to P40,000 and the entity paid an extra P30,000 to have a special horn installed. What amount should be recorded as initial cost of the van? a. 2,550,000 b. 2,335,500 C. 2,365,000 d. 2,325,000 CS Scanned with CamScanner

Corner Company puchased a van with a list price of P3,000,000. The dealer granted a 15% reduction in list price and an additional 10% cash discount on the net price if payment is made in 30 days. Irrecoverable taxes amounted to P40,000 and the entity paid an extra P30,000 to have a special horn installed. What amount should be recorded as initial cost of the van? a. 2,550,000 b. 2,335,500 C. 2,365,000 d. 2,325,000 CS Scanned with CamScanner

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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