Excellent Company purchased a plant, including land, building and machinery, for P 110,000. These items were carried on the bools of the seller as follows: land, P 30,000; building, P 60,000; and machinery, P 30,000. Immediately after the purchase, the assets were appraised at the following values: land, P 30,000; building, P 45,000; and machinery, P 75,000. QUESTION: What cost should Excellent record for the land, building and machinery, respectively? O P 36,666; P 36,667; P 36,667 O P 22,000; P 33,000; P 55,000 O P 27,500; P 55,000; P 27,500 O P 24,000; P 30,000; P 66,000

Excellent Company purchased a plant, including land, building and machinery, for P 110,000. These items were carried on the bools of the seller as follows: land, P 30,000; building, P 60,000; and machinery, P 30,000. Immediately after the purchase, the assets were appraised at the following values: land, P 30,000; building, P 45,000; and machinery, P 75,000. QUESTION: What cost should Excellent record for the land, building and machinery, respectively? O P 36,666; P 36,667; P 36,667 O P 22,000; P 33,000; P 55,000 O P 27,500; P 55,000; P 27,500 O P 24,000; P 30,000; P 66,000

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Description: Excellent Company purchased a plant, including land, building and machinery, for P110,000. These items were carried on the bools of the seller as follows: land, P30,000; building, P 60,000; and machinery, P 30,000. Immediately after the purchase,the

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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