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

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

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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