On 1 July 20x21, management ordered baking equipment from an American-based supplier at the cost...
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On 1 July 20x21, management ordered baking equipment from an American-based supplier at the cost of $55 900. On 1 August 20x21 the baking equipment was shipped free on board (FOB) and Bake Away Ltd settled $25 000 of the cost on this date. The remainder of the outstanding amount is payable to the supplier on 31 July 20x22. The baking equipment was available for use as intended by management, and was brought into use on 1 October 20x21. On the acquisition date, an estimated useful life of six years and a residual value of Rinl was allocated to the baking equipment
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