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Problem 23-2 (ACP) Problem #3-(LA4) Anson Company had the following machinery acquisits Credulous Company purchased equipment on January 1, during the year 2020 under the following terms: Arquired a machine with an invoice price of 13.goo,pro subject to a cash discount of 10#4 which was not taken a. P200,000 downpayment The entity incurred cost of P50,000 in removing the sy machine prior to the installation of the new one, Machine supplies were acquired at a cost of P140,000. b. Five annual payments of P100,000, the first installment note to be paid on December 31, 2020. : During the early part of current year, the entity purchased a machine for P609,000 down and four month installments of Pl,250,000. The cash price of the machine The same equipment was available at a cash price of WL P4, 100 000. P580,000. 3. At the beginning of current year, the entity purchased s machine for 12,900,000 in exchange for a noninterest bearing note requiring four payments of P500,000. The Required: first payment was made of the end of current year. Jensen invenal anteins for Of190 and 2021 The implicit rate of interest for this note at date of issuance was 10%. The present value of an ordinary Problem 23-6 (AICPA Adapted) annuity of 1 at ION is 3.17 for four periods. The present value of an annuity of 1 in advance at 10% is Cherish Company provided the following transactions: 1.49 for four periods, 4 At the beginning of current year, the entity acquired a 1. Exchanged a car from inventory for a computer to be used machine by issuing a four-year, noninterest-bearing note for P2,000,000 as a long term asset. The entity has an implicit 10% interest for the type of Carrying amount of the car 300,000 note. The present value of 1 at 10%% for 4 years is 0.68. Listed selling price of the car 450,000 Required: Fair value of the computer 430,000 Cash difference paid by Cherish Company 50,000 Prepare journal entries to record the machinery acquisitions and related interest 2. Exchanged an old packaging machine which cost P240,00) and was 50%% depreciated, for new machine and paid a cash Problem 23-8 (AICPA Adapted) difference of P30,000. Lecherous Company traded a used equipment for a news: The fair value of the old packaging machine is determined model with a doaler. to be P110,000 and the list price of the new machine is Old equipment: P150,000. Original gout Accumulated depreciation 1.000 060 3. Exchanged an old equipment costing P3,000,000 with Fair value - unknown accumulated depreciation of P1,800,000 and fair value P1,000,000 for another used equipment Wow equipment onupment with fair value d P1,200,000. The exchange is nonmonetary. List price 1.600,000 Cash price without trade in 1,400,000 Required: Cash payment with trade in 850 000 Required: Prepare journal entries to record the transactions. Prepare journal entry to record the exchange transaction. PraLI Problem 23-10 (LAA) Problem 23-12 (TAA) Gratitude Company provided the following information b During the year, Storm Company purchased a now machine. A. relation to the construction of a building during the war P120,000 down payment was made and three monthly Total Finished goods Bailar astallments of P360,000. The cash price would have been Direct labor 6,000.000 1,200,000 Materials 7.000,000 3.000,000 P1, 160,000. Overhead 2,000,080 The entity paid no installation charges under the monthly The following assumptions are made: payment plan but a P20,000 installation charge would have 1. No overhead is to be assigned to the building. been incurred with a cash purchase. 2. Normal production of finished goods is 180,000 unit. What amount should be capitalized as cost of the machine? Because of the construction of the building, finished pok production totaled only 135,000 units. The building is to be charged with the overhead which would have been charged 1,220,000 to the 15,000 units which were not produced. 1,200,000 3. Overhead is to be apportioned in the ratio of direct later. 1,180,000 Required: 1,160,000 Compute the cost of finished goods and building