Penner LLC imported a packing machine from London. Penner LLC incurred the following costs: Purchase price of the packing machine quoted by the seller OMR 32,000. The initial operating loss occurred OMR 700. Trade discount for the machine acquired 550. Assembly cost OMR 1200. Transportation cost from London to penner LLC site OMR 1,400. Dismantling the machine at its current location, OMR 2,600. General overheads cost OMR 1300. Import duties OMR 2100. According to IAS 16 - 'Property, Plant and Equipment', the total included in non-current assets (PPE) in respect of the machine should be:
Penner LLC imported a packing machine from London. Penner LLC incurred the following costs: Purchase price of the packing machine quoted by the seller OMR 32,000. The initial operating loss occurred OMR 700. Trade discount for the machine acquired 550. Assembly cost OMR 1200. Transportation cost from London to penner LLC site OMR 1,400. Dismantling the machine at its current location, OMR 2,600. General overheads cost OMR 1300. Import duties OMR 2100. According to IAS 16 - 'Property, Plant and Equipment', the total included in non-current assets (PPE) in respect of the machine should be:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Penner LLC imported a packing machine from London. Penner LLC incurred the following costs:
Purchase price of the packing machine quoted by the seller OMR 32,000.
The initial operating loss occurred OMR 700.
Trade discount for the machine acquired 550.
Assembly cost OMR 1200.
Transportation cost from London to penner LLC site OMR 1,400.
Dismantling the machine at its current location, OMR 2,600.
General overheads cost OMR 1300.
Import duties OMR 2100.
According to IAS 16 - 'Property, Plant and Equipment', the total included in non-current assets (PPE) in respect of the machine should be:
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