Preparation of financial statements

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Reference no: EM133437

Question 38:

Alladin Company purchased Machine #201 on May 1, 2012. The subsequent information relating to Machine #201 was gathered at the end of May.

Price $164,050

Credit terms 2/10, n/30

Freight-in costs $1,544

Preparation and installation costs $7,334

Labor costs during regular production operations $20,265

It was expected that the machine would be used for 10 years, after which the salvage value could be zero. Alladin intends to use the machine for only 8 years, thus, after which it expects to be able to sell it for $2,895. The invoice for Machine #201 was paid May 5, 2012. Alladin uses the calendar year as the basis for the preparation of financial statements.

Reference no: EM133437

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