izio Company purchases a machine for $13,400, terms 1/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $134 discount. Transportation costs of $303 were paid by Rizio. The machine required mounting and power connections costing $926. Another $437 is paid to assemble the machine, and $40 of materials are used to get it into operation. During installation, the machine was damaged and $320 worth of repairs were made. Complete the below table to calculate the cost recorded for this machine.
izio Company purchases a machine for $13,400, terms 1/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $134 discount. Transportation costs of $303 were paid by Rizio. The machine required mounting and power connections costing $926. Another $437 is paid to assemble the machine, and $40 of materials are used to get it into operation. During installation, the machine was damaged and $320 worth of repairs were made. Complete the below table to calculate the cost recorded for this machine.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Exercise 10-1 (Algo) Cost of plant assets LO C1
Rizio Company purchases a machine for $13,400, terms 1/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $134 discount. Transportation costs of $303 were paid by Rizio. The machine required mounting and power connections costing $926. Another $437 is paid to assemble the machine, and $40 of materials are used to get it into operation. During installation, the machine was damaged and $320 worth of repairs were made.
Complete the below table to calculate the cost recorded for this machine.
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