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Sunland Limited purchased a machine on account on April 1, 2021, at an invoice price of $380,590. On April 2, it paid $2,150 for delivery of the machine. A one-year, $4,130 insurance policy on the machine was purchased on April 5. On April 19, Sunland paid $7,640 for installation and testing of the machine. The machine was ready for use on April 30.
Sunland estimates the machine's useful life will be five years or 5,982 units with a residual value of $82,460. Assume the machine produces the following numbers of units each year: 898 units in 2021; 1,515 units in 2022; 1,326 units in 2023; 1,196 units in 2024; and 1,047 units in 2025. Sunland has a December 31 year end.
Problem 1: Determine the cost of the machine
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