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

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 8MC: Grummet Company is acquiring a new wood lathe with a cash purchase price of $80,000. The Wood Master...

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