How much is the total cost of the machine, Financial Accounting

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How much is the total cost of the machine

Problem

On January 2, 2021 Secret Company acquired a machine at an invoice price of P500,000 with terms 2/10, n/30. Transportation costs amounted to P1,500. Installation costs and trial run amounted to P5,000 and P4,000, respectively. The machine was paid exactly on the 30th day following the purchase. How much is the total cost of the machine?

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Financial Accounting: How much is the total cost of the machine

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