PARRISH 8-1 FIXED AND INTANGIBLE ASSETS-ACQUISITION OF ASSETS Please complete the following and explain the how and why of completing 1) identify the cost of the asset 2) For any costs incurred that are not included in the asset cost, specify how they would be recordedGrowth company purchaased a new mahcine for its manufacturing facility. Costs incurred in conjunction with this purchase included the following: Invoice price $90000, subject to 2/10, n/30Sales Tax $5400Freight to ship to Growth $6000Transport to factory $1900Repair of chip in machine from damage in loading $500Training of operators $3600Lunch for truck driver $25
PARRISH 8-1 FIXED AND INTANGIBLE ASSETS-ACQUISITION OF ASSETS Please complete the following and explain the how and why of completing 1) identify the cost of the asset 2) For any costs incurred that are not included in the asset cost, specify how they would be recordedGrowth company purchaased a new mahcine for its manufacturing facility. Costs incurred in conjunction with this purchase included the following: Invoice price $90000, subject to 2/10, n/30Sales Tax $5400Freight to ship to Growth $6000Transport to factory $1900Repair of chip in machine from damage in loading $500Training of operators $3600Lunch for truck driver $25
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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PARRISH 8-1 FIXED AND INTANGIBLE ASSETS-ACQUISITION OF ASSETS
Please complete the following and explain the how and why of completing
1) identify the cost of the asset
2) For any costs incurred that are not included in the asset cost, specify how they would be recorded
Growth company purchaased a new mahcine for its manufacturing facility. Costs incurred in conjunction with this purchase included the following:
Invoice price $90000, subject to 2/10, n/30
Sales Tax $5400
Freight to ship to Growth $6000
Transport to factory $1900
Repair of chip in machine from damage in loading $500
Training of operators $3600
Lunch for truck driver $25
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