5. On 1 September 2019, Syarikat Hijau ordered a machine to be used in its production process. Syarikat Hijau paid RM10,000 as down payment on 15 September 2019 and took delivery of the machine on 30 September 2019. The balance of RM50,000 will be paid in five equal installments beginning 1 September 2020. Required: a) Determine the cost of machine. b) Determine when Syarikat Hijau should recognize the machine as its asset. c) Prepare the journal entries for 2019 with regard to the purchase of the machine by Syarikat Hijau.

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Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.