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Jan. 30, 2023•0 likes•3 views

Jan. 30, 2023•0 likes•3 views

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On March 1, Bunker Hill Company purchased a new stamping machine with a list price of $78,000. The company paid cash for the machine; therefore, it was allowed a 5% discount. Other costs associated with the machine were: transportation costs, $2,100; sales tax paid, $4,720; installation costs, $1,400; routine maintenance during the first month of operation, $2,000. The cost recorded for the machine was: Solution in $ List Price 78000 Cash Discount @5% 3900 Purchase price 74100 Transportation 2100 Sales Tax 4720 Installation cost 1400 Cost of Machine 82320 Preinstallation cost are capitalised Rutine maintainance cost are revenue expenses Answer: $82320 .

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- 1. On March 1, Bunker Hill Company purchased a new stamping machine with a list price of $78,000. The company paid cash for the machine; therefore, it was allowed a 5% discount. Other costs associated with the machine were: transportation costs, $2,100; sales tax paid, $4,720; installation costs, $1,400; routine maintenance during the first month of operation, $2,000. The cost recorded for the machine was: $80,920. $74,100. $82,320. $84,320. Solution in $ List Price 78000 Cash Discount @5% 3900 Purchase price 74100 Transportation 2100 Sales Tax 4720 Installation cost 1400 Cost of Machine 82320 Preinstallation cost are capitalised Rutine maintainance cost are revenue expenses Answer: $82320