The Kimchi Company imported a new machine at a peso equivalent of P1,320,000. The company has to pay additional cost of importing the asset such as P40,000 import duties and P60,000 non-refundable purchase taxes. Costs of transporting the asset was P20,000 and cost of preparing the asset for its intended use include P12,000 installation and P8,000 testing and trial run costs. How much is the initial cost of the new machine? * O O P1,320,000 O P1,440,000 O P1,420,000 O P1,460,000

The Kimchi Company imported a new machine at a peso equivalent of P1,320,000. The company has to pay additional cost of importing the asset such as P40,000 import duties and P60,000 non-refundable purchase taxes. Costs of transporting the asset was P20,000 and cost of preparing the asset for its intended use include P12,000 installation and P8,000 testing and trial run costs. How much is the initial cost of the new machine? * O O P1,320,000 O P1,440,000 O P1,420,000 O P1,460,000

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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