Ivanhoe Company purchased equipment and these costs were incurred: Cash price $49000 Sales taxes 3100 Insurance during transit 770 Installation and testing 970 Total costs $53840 Ivanhoe will record the acquisition cost of the equipment as
Ivanhoe Company purchased equipment and these costs were incurred: Cash price $49000 Sales taxes 3100 Insurance during transit 770 Installation and testing 970 Total costs $53840 Ivanhoe will record the acquisition cost of the equipment as
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter18: Accounting For Long-term Assets
Section: Chapter Questions
Problem 7CE
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Question
Ivanhoe Company purchased equipment and these costs were incurred:
Cash price |
$49000 |
Sales taxes |
3100 |
Insurance during transit |
770 |
Installation and testing |
970 |
Total costs |
$53840 |
Ivanhoe will record the acquisition cost of the equipment as
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