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Blossom Company purchased machinery on January 1 at a list price of $260000, with credit terms 3/10, n/30. Payment was made within the discount period. Blossom paid $65250 sales tax on the machinery, and paid installation charges of $4500. Prior to installation, Blossom paid $12400 to pour a concrete slab on which to place the machinery. What is the total cost of the new machinery? $321950. $334350. $342150 $317450.

Blossom Company purchased machinery on January 1 at a list price of $260000, with credit terms 3/10, n/30. Payment was made within the discount period. Blossom paid $65250 sales tax on the machinery, and paid installation charges of $4500. Prior to installation, Blossom paid $12400 to pour a concrete slab on which to place the machinery. What is the total cost of the new machinery? $321950. $334350. $342150 $317450.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Blossom Company purchased machinery on January 1 at a list price of $260000, with credit terms 3/10, n/30. Payment was made within the discount period. Blossom paid $65250 sales tax on the machinery, and paid installation charges of $4500. Prior to installation, Blossom paid $12400 to pour a concrete slab on which to place the machinery. What is the total cost of the new machinery? $321950. $334350. $342150 $317450.
Transcribed Image Text:Blossom Company purchased machinery on January 1 at a list price of $260000, with credit terms 3/10, n/30. Payment was made within the discount period. Blossom paid $65250 sales tax on the machinery, and paid installation charges of $4500. Prior to installation, Blossom paid $12400 to pour a concrete slab on which to place the machinery. What is the total cost of the new machinery? $321950. $334350. $342150 $317450.
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