Current Attempt in Progress Blossom Enterprises purchased equipment on March 15, 2021, for $67,970. The company also paid the following amounts: $520 for freight charges; $187 for insurance while the equipment was in transit; $1,729 for a one-year insurance policy: $1,986 to train employees to use the new equipment; and $2,923 for testing and installation. The company began to use the equipment on April 1. Blossom has estimated the equipment will have a 10-year useful life with no residual value. It expects to consume the equipment's future economic benefits evenly over the useful life. The company has a December 31 year end.

Current Attempt in Progress Blossom Enterprises purchased equipment on March 15, 2021, for $67,970. The company also paid the following amounts: $520 for freight charges; $187 for insurance while the equipment was in transit; $1,729 for a one-year insurance policy: $1,986 to train employees to use the new equipment; and $2,923 for testing and installation. The company began to use the equipment on April 1. Blossom has estimated the equipment will have a 10-year useful life with no residual value. It expects to consume the equipment's future economic benefits evenly over the useful life. The company has a December 31 year end.

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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