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What the amount to be capitalized as the cost of the machine

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Question - Summer Corporation purchased a new machine on October 31, 2021. A P12,000 down  payment was made and three monthly installments of P36,000 each are to be made beginning on November 30, 2021. The cash price would have been P116,000. Summer paid no installations charges under the monthly payment plan but a P2,000 installation charge would have been incurred with a cash purchase. What the amount to be capitalized as the cost of the machine on October 31, 2021?

Reference no: EM132923558

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