The ABC Company imported an equipment at a peso equivalent to P330,000. The company has to pay additional cost of importing the asset such as P10,000 import duties and P15,000 non-refundable purchase taxes. Costs of bringing and preparing the asset for its intended use include P2,000 transportation cost, P4,000 installation and testing and trial run costs. How much is the initial cost of the new machine?

The ABC Company imported an equipment at a peso equivalent to P330,000. The company has to pay additional cost of importing the asset such as P10,000 import duties and P15,000 non-refundable purchase taxes. Costs of bringing and preparing the asset for its intended use include P2,000 transportation cost, P4,000 installation and testing and trial run costs. How much is the initial cost of the new machine?

Name: The ABC Company imported an equipment at a peso equivalent to P330,00
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Description: The ABC Company imported an equipment at a peso equivalent to P330,000. The company has to pay additional costof importing the asset such as P10,000 import duties and P15,000 non-refundable purchase taxes. Costs of bringingand preparing the asset fo

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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