Exercise 10-1 Cost of plant assets LO C1 Rizio Co. purchases a machine for $10,900, terms 1/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $109 discount. Transportation costs of $246 were paid by Rizio. The machine required mounting and power connections costing $754. Another $355 is paid to assemble the machine and $40 of materials are used to get it into operation. During installation, the machine was damaged and $220 worth of repairs were made. Complete the below table to calculate the cost recorded for this machine.
Exercise 10-1 Cost of plant assets LO C1 Rizio Co. purchases a machine for $10,900, terms 1/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $109 discount. Transportation costs of $246 were paid by Rizio. The machine required mounting and power connections costing $754. Another $355 is paid to assemble the machine and $40 of materials are used to get it into operation. During installation, the machine was damaged and $220 worth of repairs were made. Complete the below table to calculate the cost recorded for this machine.
Accounting
27th Edition
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Chapter10: Long-term Assets: Fixed And Intangible
Section: Chapter Questions
Problem 10.5CP: Communication Godwin Co. owns three delivery trucks. Details for each truck at the end of the most...
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Exercise 10-1 Cost of plant assets LO C1
Rizio Co. purchases a machine for $10,900, terms 1/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $109 discount. Transportation costs of $246 were paid by Rizio. The machine required mounting and power connections costing $754. Another $355 is paid to assemble the machine and $40 of materials are used to get it into operation. During installation, the machine was damaged and $220 worth of repairs were made.
Complete the below table to calculate the cost recorded for this machine.
![Exercise 10-1 Cost of plant assets LO C1
Rizio Co. purchases a machine for $10,900, terms 1/10, n/60, FOB shipping point. Rizio paid within the discount period and took the
$109 discount. Transportation costs of $246 were paid by Rizio. The machine required mounting and power connections costing $754.
Another $355 is paid to assemble the machine and $40 of materials are used to get it into operation. During installation, the machine
was damaged and $220 worth of repairs were made.
Complete the below table to calculate the cost recorded for this machine.
Amount Included in Cost of Equipment:
Invoice price of machine
Net purchase price
Total cost to be recorded](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff6f91fd2-a8f3-4a2e-bb42-a8593f8622b2%2Fd757c923-17b3-4014-8964-b152e0a27360%2F4iz2qwl_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Exercise 10-1 Cost of plant assets LO C1
Rizio Co. purchases a machine for $10,900, terms 1/10, n/60, FOB shipping point. Rizio paid within the discount period and took the
$109 discount. Transportation costs of $246 were paid by Rizio. The machine required mounting and power connections costing $754.
Another $355 is paid to assemble the machine and $40 of materials are used to get it into operation. During installation, the machine
was damaged and $220 worth of repairs were made.
Complete the below table to calculate the cost recorded for this machine.
Amount Included in Cost of Equipment:
Invoice price of machine
Net purchase price
Total cost to be recorded
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