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Determine amount to be capitalized as cost of backhoe

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Question - On September 31, 2015, Sciaritti Landscapings, Corp purchased a new backhoe on a deferred payment basis. Six annual installments of $750,000 each are to be made beginning on August 1, 2016. The market equivalent rate of interest for Sciaritti Landscapings, LLC is 10% per annum. The present value factor of an annuity for six years at 10% is 4.35526 and the future value factor of an annuity for six years at 10% is 7.71561. Sciaritti Landscapings paid installation costs amounting to $42,000. Determine the amount to be capitalized as the cost of the backhoe.

a. $3,266,445.

b. $3,308,445.

c. $5,786,707.

d. $5,828,707.

Reference no: EM132432263

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