Exercise 8-1 (Algo) Cost of plant assets LO C1 Rizio Company purchases a machine for...
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Exercise 8-1 (Algo) Cost of plant assets LO C1 Rizio Company purchases a machine for $13,900, terms 1/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $139 discount. Transportation costs of $314 were paid by Rizio. The machine required mounting and power connections costing $961. Another $453 is paid to assemble the machine, and $40 of materials are used to get it into operation. During installation, the machine was damaged and $360 worth of repairs were made. Complete the below table to calculate the cost recorded for this machine. Amount Included in Cost of Equipment: Invoice price of machine Net purchase price Total cost to be recorded
Exercise 8-1 (Algo) Cost of plant assets LO C1 Rizio Company purchases a machine for $13,900, terms 1/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $139 discount. Transportation costs of $314 were pald by Rizio. The machine required mounting and power connections costing $961. Another $453 is paid to assemble the machine, and $40 of materials are used to get it into operation. During installation, the machine was damaged and $360 worth of repairs were made. Complete the below table to calculate the cost recorded for this machine
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