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On 1 January 2020 Sam acquired a machine from Plant under the following terms:
$
List price of machine 109,000
Import duty 9,500
Delivery fees 6,400
Electrical installation costs 18,000
Pre-production testing 6,500
Purchase of a five-year maintenance contract With Plant 9,000
Question 1: In addition to the above information Sam was granted a trade discount of 10% on the initial price of the asset and a settlement discount of 5% if payment for the machine was received within one month of purchase. Sam paid for the plant on 31 January 2020. How should the information be accounted for in the financial statements?
Financial Statement Analysis and Preparation
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