CONGRATULATIONS Company recently acquired two items of equipment. Acquired a press at an invoice price of 2000000 subject to a 5% cash discount which was taken. Cost of freight and insurance during shipment were 150000 and installation cost amounted to 100000 Acquired a welding machine at an invoice price of 3000000 subject to a 10% cash discount which was not taken. Additional welding supplies were acquired at a cost of 100000 What amount should be reported as total increase in the equipment account as a result of the transactions
CONGRATULATIONS Company recently acquired two items of equipment. Acquired a press at an invoice price of 2000000 subject to a 5% cash discount which was taken. Cost of freight and insurance during shipment were 150000 and installation cost amounted to 100000 Acquired a welding machine at an invoice price of 3000000 subject to a 10% cash discount which was not taken. Additional welding supplies were acquired at a cost of 100000 What amount should be reported as total increase in the equipment account as a result of the transactions
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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CONGRATULATIONS Company recently acquired two items of equipment.
Acquired a press at an invoice price of 2000000 subject to a 5% cash discount which was taken. Cost of freight and insurance during shipment were 150000 and installation cost amounted to 100000
Acquired a welding machine at an invoice price of 3000000 subject to a 10% cash discount which was not taken. Additional welding supplies were acquired at a cost of 100000
What amount should be reported as total increase in the equipment account as a result of the transactions
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