Acquisition Cost of Long-Lived Asset The following data relate to a firm's purchase of a machine used in the manufacture of its product: Invoice price Applicable sales tax Cash discount taken for prompt payment Freight paid Cost of insurance coverage on machine while in transit Installation costs Testing and adjusting costs Repair of damages to machine caused by the firm's employees Prepaid maintenance contract for first year of machine's use Determine the acquisition cost of the machine. Acquisition Cost = $Answer $26,000 1,800 1,000 860 725 1,600 1,075 1,150 900

Acquisition Cost of Long-Lived Asset The following data relate to a firm's purchase of a machine used in the manufacture of its product: Invoice price Applicable sales tax Cash discount taken for prompt payment Freight paid Cost of insurance coverage on machine while in transit Installation costs Testing and adjusting costs Repair of damages to machine caused by the firm's employees Prepaid maintenance contract for first year of machine's use Determine the acquisition cost of the machine. Acquisition Cost = $Answer $26,000 1,800 1,000 860 725 1,600 1,075 1,150 900

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 4C

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Question

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Acquisition Cost of Long-Lived Asset
The following data relate to a firm's purchase of a machine used in the manufacture of its
product:
Invoice price
Applicable sales tax
Cash discount taken for prompt payment
Freight paid
Cost of insurance coverage on machine while in transit
Installation costs
Testing and adjusting costs
Repair of damages to machine caused by the firm's employees
Prepaid maintenance contract for first year of machine's use
Determine the acquisition cost of the machine.
Acquisition Cost = $Answer
$26,000
1,800
1,000
860
725
1,600
1,075
1,150
900

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