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What amount should baby powder initially recognized

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Question - On February 1, 2022 Baby Powder Company purchased an equipment from Shakers Corporation in exchange for a seven-year, non-interest-bearing note requiring five payments of P110,500 and two payments of P140,500. The first five payment of P110,500 is to be made on February 1, 2023 - 2027, and the others are due annually on February 2, 2028 and 2029. At date of issuance, the prevailing rate of interest for this type of note was 9%. In addition, Baby Powder paid cash of P75,000 as down-payment, and incurred installation cost of P15,000; Testing cost of P10,000 and paid insurance of P5,000 while the equipment is in transit. What amount should Baby Powder initially recognized the equipment on February 2, 2022?

Reference no: EM133169450

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