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Compute the cost of machinery

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Reference no: EM133095532

Question - Analyze and answer the given problem. Use a 10-column worksheet for the solution.

On March 1, 20X1 J Co. acquired a machine from N Co. under the following terms:

List price of machine P 82,000

Import duty 1,500

Delivery fees 2,050

Electrical installation costs 9,500

Pre-production testing 4,900

Purchase a five-year maintenance contract for plant 7,000

In addition to the information above, J Co. was granted a trade discount of 10% on the initial list price of the asset and a settlement of 5% if payment for the machine was received within one (1) month of purchase. The company paid the plant on March 25, 20X1.

Required - Compute the cost of machinery.

Reference no: EM133095532

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